GBPUSD Daily Analysis – September 21, 2017

GBPUSD dropped sharply to as low as 1.3451 after hitting a new high at 1.3652, indicating that lengthier consolidation for the uptrend from 1.2774 is needed. Deeper decline towards the bullish trend line on the 4-hour chart would likely be seen in a couple of days. However, as long as the price is above the trend line, the bullish movement could be expected to resume, and another rise towards 1.3950 is still possible after the consolidation. Only a clear break below the trend line support could signal completion of the uptrend.

GBPUSD 4-hour chart