GBPUSD Daily Analysis – May 8, 2020

GBPUSD stays below a falling trend line on the 4-hour chart and remains in the downtrend from 1.2642. As long as the trend line resistance holds, the downside movement could be expected to continue and next target would be at 1.2150 area. Key resistance is at 1.2418, a break of this level would indicate that the downside movement had completed at 1.2265 already, then another rise towards 1.2650 could be seen.

GBPUSD 4-hour chart