GBPUSD Weekly Analysis – December 30, 2018

GBPUSD is in consolidation for the downtrend from 1.3298, the bounce from 1.2475 is likely consolidation for the downtrend. Range treading between 1.2475 and 1.2850 would likely be seen in a couple of weeks. As long as 1.2850 resistance holds, the downtrend could be expected to resume and another fall towards 1.2300 is possible. On the upside, a breakout of 1.2850 resistance would indicate that the downside move had completed at 1.2475 already, then next target would be at 1.3050 area.

GBPUSD daily chart