GBPUSD Daily Analysis – January 4, 2018

GBPUSD pulled back from 1.3612, facing the support of the bullish trend line on the 4-hour chart. As long as the trend line support holds, the pullback could be treated as consolidation of the uptrend from 1.3301 and another rise to test 1.3657 (Sep 20 high) resistance is still possible after the consolidation. On the downside, a clear break below the trend line support could indicate that the uptrend had completed at 1.3612 already, then the following downside movement could take price back to 1.3350 area.

GBPUSD 4-hour chart