GBPUSD Daily Analysis – May 19, 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 bounce from 1.2073 could be treated as consolidation for the downtrend, and further decline to 1.1900 area is possible after the consolidation. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 1.2073 already, then another rise towards 1.2650 could be seen.

GBPUSD 4-hour chart