GBPUSD Daily Analysis – May 28, 2014

GBPUSD’s fall from 1.6920 extended to as low as 1.6782. Deeper decline is still possible, and next target would be at 1.6750 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance will indicate that the downtrend had completed, then another rise towards 1.6996 previous high could be seen.

gbpusd chart