GBPUSD Weekly Analysis – October 28, 2018

GBPUSD broke below 1.2921 support and extended its downside movement from 1.3298 to 1.2775 area. Deeper decline to test 1.2661 support is possible next week and a breakdown below this level could take the price to 1.2200 area. Near term resistance is at 1.2930, a break of this level would indicate that lengthier consolidation for the downtrend from 1.4376 is underway, then another rise towards 1.3300 resistance could be seen.

GBPUSD daily chart