GBPUSD Weekly Analysis – July 22, 2018

GBPUSD extended its downside movement from 1.4376 to as low as 1.2957. Resistance is at the falling trend line on the daily chart. As long as the price is below the trend line, the downside movement could be expected to continue and next target would be at 1.2750 area. On the upside, a break of the trend line resistance could bring the price back to test 1.3362 key resistance, only a breakout of this level could signal completion of the downtrend.

GBPUSD daily chart