GBPUSD Weekly Analysis – October 9, 2016

GBPUSD’s downward movement from 1.3480 extended to as low as 1.1946. Further decline is still possible after consolidation, and next target would be at 1.1000 area. Resistance is located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart