GBPUSD Daily Analysis – May 18, 2020

GBPUSD extended its downside movement from 1.2642 to as low as 1.2073, breaking below 1.2164 support. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2000 area. On the upside, a breakout of the trend line resistance would indicate that the downside movement is complete, then another rise towards 1.2600 could be seen.

GBPUSD 4-hour chart