GBPUSD Daily Analysis – August 9, 2017

GBPUSD broke below the bottom support trend line of the price channel on its 4-hour chart, indicating that the uptrend from 1.2589 had completed at 1.3267 already. Further decline could be expected and next target would be at 1.2850 area. Resistance level is at 1.3120, as long as this level holds, the downtrend will continue.

GBPUSD 4-hour chart