GBPUSD Weekly Analysis – January 14, 2018

GBPUSD broke above 1.3657 resistance, suggesting that the uptrend from 1.1946 (Oct 7, 2016 low) has resumed. Near term support is at 1.3590, followed by the rising trend line on the daily chart. As long as the trend line support holds, the upside movement from 1.3027 could be expected to continue and next target would be at 1.4000 area. On the downside, a breakdown below 1.3590 support could bring price back towards the trend line. Only a clear break below the trend line support could signal completion of the uptrend.

GBPUSD daily chart