GBPUSD Weekly Analysis – January 7, 2018

GBPUSD stays above a bullish trend line on its daily chart and remains in the uptrend from 1.1946 (Oct 7, 2016 low). The pair is now facing 1.3657 resistance. A breakout of this level will suggest that the uptrend has resumed, then next target would be at 1.4000 area. However, a breakdown below the bullish trend line could take price back to next support level at 1.3027. Below this level will confirm that the uptrend had completed at 1.3657 already, then the following downside movement could bring price towards 1.2589, followed by 1.1946 previous low.

GBPUSD daily chart