GBPUSD Daily Analysis – July 20, 2017

GBPUSD failed to break above the top resistance trend line of the price channel on the weekly chart, and pulled back from 1.3125. Further decline would likely be seen over the next several days and the target would be at 1.2900 area. However, as long as 1.2811 key support holds, the uptrend from 1.2589 could be expected to resume and another rise to test the channel resistance is still possible.

GBPUSD 4-hour chart