GBPUSD Daily Analysis – October 3, 2017

GBPUSD extended its downside movement from 1.3652 to as low as 1.3256. Near term resistance is at the bearish trend line on the 4-hour chart. As long as the price is below the trend line, the downside move could be expected to continue and next target would be at 1.3150 area. On the upside, a clear break out of the trend line resistance could indicate that the downtrend is complete, 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