GBPUSD Daily Analysis – January 10, 2018

GBPUSD continued its sideways movement in a trading range between 1.3494 and 1.3612. The sideways movement is likely consolidation of the uptrend from 1.3301. A breakout of 1.3612 resistance will indicate that the upside movement has resumed, then next target would be at 1.3657 (Sep 20 high) resistance. Above this level could trigger further upside movement towards 1.4000. On the downside, a breakdown below 1.3494 support will suggest that the uptrend from 1.3301 had completed at 1.3612 already, then deeper decline to 1.3420 area could be seen. Below this level would aim 1.3301 support.

GBPUSD 4-hour chart