GBPUSD Daily Analysis – May 16, 2014

GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6996, and the fall extended to as low as 1.6731. Resistance is located at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6600 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.6731 already, then the following upward movement could bring price to 1.6900 – 1.6950 area.

gbpusd chart