GBPUSD Weekly Analysis – August 23, 2020

GBPUSD extended its upside movement from 1.1409 to as high as 1.3266. Further rise is still possible after a minor consolidation and next target would be at 1.3500 area. Near term support is at 1.2980, a breakdown below this level could bring the price back towards the rising trend line on the daily chart.

GBPUSD daily chart