GBPUSD Daily Analysis – May 7, 2014

GBPUSD’s upward movement from 1.6465 (Mar 24 low) extended to as high as 1.6996. Key support is now located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.7200 area. Only a clear break below the trend line support could signal completion of the uptrend.

gbpusd chart