GBPUSD Daily Analysis – September 29, 2017

GBPUSD extended its downside movement from 1.3652 to as low as 1.3342. Near term resistance is at the top trend line on the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.3250 area. Only a clear break above the channel resistance could take price back to retest the resistance of the long term bearish trend line on the weekly chart.

GBPUSD 4-hour chart