GBPUSD Daily Analysis – May 9, 2014

GBPUSD remains in uptrend from 1.6465 (Mar 24 low), the fall from 1.6996 is likely consolidation of the uptrend. Support is located at the trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.7200 area is possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.6465 had completed at 1.6996 already, then the following downward movement could bring price back to 1.6000 zone.

gbpusd chart