GBPUSD Daily Analysis – August 22, 2017

GBPUSD broke above the top trend line of the price channel on its 4-hour chart and is now facing 1.2915 resistance. A break of this level will indicate that the downside movement from 1.3267 had completed at 1.2831 already, then next target would be at 1.3000 area. On the downside, as long as 1.2915 resistance holds, the downtrend could be expected to continue and a breakdown below 1.2831 support could trigger another fall towards 1.2750.

GBPUSD 4-hour chart