GBPUSD Daily Analysis – October 10, 2017

GBPUSD stays in a bearish trend line on the 4-hour chart and remains in the downtrend from 1.3657. As long as the price is below the trend line, the bounce from 1.3027 could be treated as consolidation of the downtrend. Further decline is still possible after the consolidation and next target would be at the bullish trend line on the daily chart now at 1.2955. On the upside, a clear break above the trend line resistance would indicate that the downtrend had completed at 1.3027 already, then the following correction rebound could take price back towards 1.3300.

GBPUSD 4-hour chart