GBPUSD Daily Analysis – September 7, 2017

GBPUSD stays above a bullish trend line on its 4-hour chart, indicating that the pair remains in the uptrend from 1.2774. As long as the price is above the trend line, the upside movement could be expected to continue and next target would be at 1.3200 area. On the downside, a clear break below the trend line support could signal completion of the uptrend, then following bearish movement could bring price back towards 1.2774. The 1.2774 level could be treated as a key support for the uptrend from 1.1987 (Jan 16 low), below this level could trigger another fall towards 1.1946 (Oct 7, 2016 low).

GBPUSD 4-hour chart