GBPUSD Daily Analysis – May 11, 2020

GBPUSD broke above the falling trend line on the 4-hour chart, suggesting that the downside movement from 1.2642 had completed at 1.2265 already. Further rally would likely be seen in the coming days and next target would be at 1.2600 area. Support is at 1.2265, only break below this level could trigger another fall towards 1.2100.

GBPUSD 4-hour chart