GBPUSD Weekly Analysis – February 23, 2020

GBPUSD extended its downside movement from 1.3514 to as low as 1.2848. As long as the price is in the falling price channel on the daily chart, the downside movement could be expected continue and next target would be at 1.2750 area. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 1.2848 already, then another rise towards 1.3800 could be seen.

GBPUSD daily chart