GBPUSD Weekly Analysis – September 8, 2018

GBPUSD remains in the downtrend from 1.4376, the bounce from 1.2661 could be treated as consolidation for the downtrend. Range trading between 1.2661 and 1.3213 would likely be seen in a couple of weeks. Key resistance is at 1.3213, as long as this level holds, the downtrend could be expected to resume and another fall towards 1.2300 area is still possible after the consolidation. Only a breakout of 1.3213 resistance could signal completion of the downtrend.

GBPUSD daily chart