GBPUSD Daily Analysis – May 8, 2014

GBPUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.6465 (Mar 24 low), the fall from 1.6996 could be treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to resume, 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