GBPUSD Weekly Analysis – December 17, 2017

GBPUSD is facing the bullish support trend line once again. As long as the price is above the trend line, the price action from 1.3657 could be treated as consolidation of the uptrend from 1.1946 (Oct 7, 2016 low) and another rise towards 1.4000 is still possible after the consolidation. Near term resistance is at 1.3657, a breakout of this level could signal resumption of the uptrend. On the downside, a clear break below the trend line could bring price back to test 1.3027 support. Below this level will confirm that the upside movement had completed at 1.3657 already, then the following bearish movement could take price towards 1.1946 previous low.

GBPUSD daily chart