GBPUSD Weekly Analysis – August 20, 2017

GBPUSD broke below the bullish support trend line on its daily chart. Further decline to test 1.2589 key support is possible over the next several days. As long as this level holds, the fall from 1.3267 could be treated as consolidation of the uptrend from 1.1987, and another rise to 1.3450 area is still possible after the consolidation. Only a breakdown below 1.2589 level could trigger another fall towards 1.1946 (Oct 7, 2016 low).

GBPUSD daily chart