GBPUSD Daily Analysis – August 7, 2017

GBPUSD dropped sharply to 1.3020 area after breaking below the bullish trend line on its 4-hour chart, indicating that correction for the uptrend from 1.2589 is underway. Deeper decline to test next support level at 1.2980 is possible, below this level will signal completion of the uptrend, then the following bearish movement could bring price into 1.2800 zone. On the upside, as long as 1.2980 support holds, the uptrend could be expected to resume and another rise towards 1.3000 is still possible.

GBPUSD 4-hour chart