GBPUSD Weekly Analysis – August 9, 2020

GBPUSD’s upside movement from 1.1409 extended to as high as 1.3185. Further rise is still possible after a minor consolidation and next target would be at 1.3500 area. Near term support is at 1.2950, a breakdown below this level could bring the price back towards the rising trend line on the daily chart.

GBPUSD daily chart