GBPUSD Daily Analysis – February 7, 2017

GBPUSD is testing 1.2412 support. As long as this level holds, the price action from 1.2673 could be treated as consolidation of the uptrend from 1.1986, and further rise to 1.2900 area is still possible. However, a breakdown below 1.2412 support will indicate that the uptrend had completed at 1.2706 already, then the following downward movement could bring price back to 1.2100 zone.

gbpusd chart