GBPUSD Weekly Analysis – September 10, 2017

GBPUSD’s rebound from 1.2774 extended to as high as 1.3224, facing the 1.3267 resistance. Further rise would likely be seen and next target would be at the top trend line of the price channel on the daily chart now at around 1.3365, followed by 1.3700 area. The key support is at 1.2774, only a breakdown below this level could indicate that the upside movement from 1.1987 is complete, then the following bearish movement could take price back to test 1.1946 (Oct 7, 2016 low) support.

GBPUSD daily chart