GBPUSD Daily Analysis – January 27, 2017

GBPUSD remains in uptrend from 1.1986, the fall from 1.2673 is likely consolidation of the uptrend. Support is at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.2800 area. Only a clear break below the channel support will indicate that the upward movement had completed at 1.2673 already, then the following downward movement could bring price back to test 1.1986 support.

gbpusd chart