GBPUSD Daily Analysis – October 11, 2017

GBPUSD broke above the falling trend line on its 4-hour chart, suggesting that the downtrend from 1.3657 had completed at 1.3027 already. Further rally could be expected in the coming days and next target would be at 1.3291, followed by 1.3455. However, the bounce from 1.3027 would possibly be correction of the downtrend from 1.3657, another fall could be expected after the correction and a breakdown below 1.3027 level could trigger another fall towards the bullish trend line on the daily chart now at 1.2955.

GBPUSD 4-hour chart