GBPUSD Daily Analysis – May 31, 2018

GBPUSD stays in the falling price channel on its 4-hour chart and remains in the downtrend from 1.3617. As long as the channel resistance holds, the bounce from 1.3204 could be treated as consolidation for the downtrend and another fall towards 1.3000 is still possible after the consolidation. On the upside, a clear break of the channel resistance would suggest that lengthier consolidation for the downtrend is underway, then the pair would find next resistance level at around 1.3450.

GBPUSD 4-hour chart