GBPUSD Daily Analysis – May 16, 2019

GBPUSD extended its downside movement from 1.3176 to as low as 1.2825. Further decline could be expected after a minor consolidation and next target would be at 1.2750 area. Near term resistance is at 1.2900, a break of this level could bring the price back towards the bearish trend line on the 4-hour chart.