GBPUSD Daily Analysis – October 6, 2017

GBPUSD continued its downside movement from 1.3657 and dropped sharply to as low as 1.3087, breaking below the 1.3153 support. Resistance is at the bearish trend line on the 4-hour chart, followed by 1.3291. As long as the price is below the trend line, the downtrend could be expected to continue and next target would be at the bullish trend line on the daily chart now at 1.2950. Only break above 1.3291 key resistance could signal completion of the downtrend.

GBPUSD 4-hour chart