GBPUSD Daily Analysis – October 9, 2017

GBPUSD’s bearish movement from 1.3657 extended to as low as 1.3027. Further decline is still possible after a minor consolidation and next target would be at the bullish trend line on the daily chart now at 1.2955. The key resistance is at the bearish trend line on the 4-hour chart. Only a clear break above the trend line resistance could indicate that the downside movement had completed at 1.3027 already, then the following correction rebound could bring price back towards 1.3300.

GBPUSD 4-hour chart