GBPUSD Daily Analysis – May 5, 2014

GBPUSD remains in uptrend from 1.6465, the fall from 1.6918 could be treated as consolidation of the uptrend. Near term support is located at the bottom of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and another rise to 1.7000 is still possible after consolidation. Key support is at 1.6762, only break below this level could signal completion of the uptrend.

gbpusd chart