GBPUSD Weekly Analysis – April 29, 2018

GBPUSD extended its downside movement from 1.4376 to as low as 1.3747, facing the support level at 1.3711. A breakdown below this level would indicate that the upside movement from 1.1946 (Oct 7, 2016 low) had completed at 1.4376 already, then the pair would find next support level at around 1.3200. On the upside, as long as 1.3711 support holds, the price action from 1.4345 would possibly be consolidation for the uptrend and one more rise towards 1.5000 is still possible after the consolidation.

GBPUSD daily chart