GBPUSD Weekly Analysis – January 21, 2018

GBPUSD’s upside movement from 1.3027 extended to as high as 1.3945. As long as the price is above the rising trend line on the daily chart, the upside movement could be expected to continue and next target would be at 1.4500 area. Near term support is at 1.3741, only a breakdown below this level could bring price back towards the trend line. A clear break below the trend support will indicate that the upside movement is complete, then deeper decline towards 1.3301 support could be seen. Below this level would aim 1.3027.

GBPUSD daily chart