GBPUSD Daily Analysis – October 13, 2017

GBPUSD is facing 1.3291 resistance. A break of this level could bring price to next resistance level at 1.3455. However, the bounce from 1.3027 is likely correction of the downtrend from 1.3657, as long as 1.3455 resistance holds, another fall could be expected after the correction. Near term support is at 1.3120, a breakdown below this level could take price back to test 1.3027 support. Below this level could signal resumption of the downtrend from 1.3657, then next target would be at bullish support trend line on the daily chart.

GBPUSD 4-hour chart