GBPUSD Daily Analysis – August 14, 2017

GBPUSD rebounded from 1.2939 after failing in its attempt to break below 1.2932 support. A break above 1.3030 resistance will indicate that the short term downtrend from 1.3267 had completed at 1.2939 already, then the following upside movement could bring price back into 1.3120 zone. On the downside, a breakdown below 1.2932 support will confirm that the uptrend from 1.2589 (Jun 21 low) is complete, this could trigger another fall towards the bullish support trend line on the daily chart, now at around 1.2845.

GBPUSD 4-hour chart