GBPUSD Daily Analysis – May 12, 2014

GBPUSD is facing the support of the lower line of the price channel on 4-hour chart. A clear break below the channel support will confirm that the uptrend from 1.6465 (Mar 24 low) had completed at 1.6996 already, then the following downward movement could bring price back to 1.6600 area. On the upside, as long as the channel support holds, the fall from 1.6996 would possibly be consolidation of the uptrend, and one more rise to 1.7200 area is still possible.

gbpusd chart