GBPUSD Weekly Analysis – July 15, 2018

GBPUSD failed to break below 1.3049 support and stayed in a trading range between 1.3049 and 1.3472. As long as 1.3472 key resistance holds, the price action in the range could be treated as consolidation for the downtrend and a breakdown below 1.3049 support could take the price to 1.2750 area. On the upside, a break of 1.3472 resistance would suggest that the downtrend had completed at 1.3049 already, then the pair would find resistance at around 1.3600.

GBPUSD daily chart