GBPUSD Weekly Analysis – December 10, 2017

GBPUSD stays above a bullish trend line on its daily chart, suggesting that the pair remains in the uptrend from 1.1946 (Oct 2016 low), and the price action from 1.3657 could be treated as consolidation of the uptrend. Further rise to test 1.3657 resistance is possible next week. A breakout of this level could signal resumption of the uptrend, then next target would be at 1.4000 area. On the downside, a clear break below the trend line support could bring price back to next support level at 1.3027. Below this level will indicate that the uptrend had completed at 1.3657 already, then the following downside movement could take price towards 1.1946 previous low.

GBPUSD daily chart