GBPUSD Weekly Analysis – October 20, 2018

GBPUSD failed to break above 1.3298 resistance and stayed in a trading range between 1.2921 and 1.3298. As long as 1.2921 support holds, the price action in the trading range could be treated as consolidation for the uptrend from 1.2661, and a breakout of 1.3298 resistance could take the price towards 1.3550. On the downside, a breakdown below 1.2921 support would indicate that the rise from 1.3298 is complete, then deeper decline towards 1.2661 previous low could be seen.

GBPUSD daily chart