GBPUSD Daily Analysis – May 14, 2014

GBPUSD broke below 1.6832 support, indicating that the uptrend from 1.6465 (Mar 24 low) had completed at 1.6996 already. Further decline would likely be seen after a minor consolidation, and next target would be at 1.6700 area. Resistance levels are at 1.6900 and 1.6996, only break above these levels could trigger another rise towards 1.7200.

gbpusd chart