GBPUSD Daily Analysis – May 6, 2014

GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.6465 (Mar 24 low), and the fall from 1.6918 is likely consolidation of the uptrend. As long as the channel support holds, the uptrend could be expected to continue after consolidation, and next target would be at 1.7000 area. Key support is at 1.6762, only break below this level will indicate that the uptrend had completed at 1.6918 already, then the following downward movement could bring price back to 1.6600 area.

gbpusd chart