GBPUSD Daily Analysis – July 12, 2017

GBPUSD’s fall from 1.3029 extended to as low as 1.2830. Resistance is located at the descending trend line on its 4-hour chart. As long as the pair is below the trend line, the downward movement could be expected to continue and next target would be at 1.2750 area. On the upside, a clear break above the trend line resistance will suggest that the uptrend from 1.2589 has resumed, then the following bullish movement could bring price into 1.3200 zone.

GBPUSD 4-hour chart