GBPUSD Daily Analysis – October 4, 2016

GBPUSD broke below 1.2865 (Aug 15 low) support, and is now facing 1.2795 (Jul 6 low) support. A breakdown below this level will indicate that the long term downtrend from 1.5016 (Jun 24 high) has resumed, then the following downward movement could bring price to 1.2000 zone. Near term resistance is at the downward trend line on 4-hour chart, and the key resistance is at 1.3058, only break above this level could bring price back to 1.3300 zone.

gbpusd chart