GBPUSD Daily Analysis – October 2, 2017

GBPUSD stays in a falling price channel on its 4-hour chart, suggesting that the pair remains in the downtrend from 1.3652. As long as the price is in the channel, the downside movement could be expected to continue and next target would be at 1.3250 area. However, a clear break above the top trend line of the price channel would indicate that the downside movement had completed at 1.3342 already, then another rise to retest the resistance of the long term bearish trend line on the weekly chart could be seen.

GBPUSD 4-hour chart