GBPUSD Weekly Analysis – December 3, 2017

GBPUSD extended its bounce from the rising trend line on the daily chart to as high as 1.3549. Further rise to test 1.3657 resistance would likely be seen next week. A breakout of this level will confirm that the uptrend from 1.1946 (Oct 2016 low) has resumed, then next target would be at 1.4000 area. On the downside, a breakdown below the trend line support could bring price back towards 1.3027. Below this level could signal completion of the uptrend, then the pair would find next support level at 1.2774, followed by 1.2589.

GBPUSD daily chart