GBPUSD Daily Analysis – May 1, 2014

GBPUSD broke above 1.6857 resistance, and continued its upward movement from 1.6465. Near term support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, further rise could be expected after a minor consolidation, and next target would be at 1.7000 area. Key support is at 1.6762, only break below this level could signal completion of the uptrend.

gbpusd chart