GBPUSD Weekly Analysis – December 24, 2017

GBPUSD stays above a bullish support trend line on the daily chart, suggesting that the pair remains in the uptrend from 1.1946 (Oct 7, 2016 low). As long as the trend line support holds, the price action from 1.3657 could be treated as consolidation of the uptrend. A breakout of 1.3657 resistance could signal resumption of the uptrend, then next target would be at 1.4000 area. On the downside, a breakdown below the rising trend line 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 next target would be at 1.2589 support, followed by 1.1946 previous low.

GBPUSD daily chart