GBPUSD Daily Analysis – October 16, 2017

GBPUSD broke above 1.3291 resistance, confirming that the downtrend from 1.3657 had completed at 1.3027 already. Further rally is still possible and next target would be at 1.3455. Support is located at the rising trend line on the 4-hour chart. Only a clear break below the trend line support will suggest that the uptrend is complete, then another fall towards the bullish support trend line on the daily chart could be seen.

GBPUSD 4-hour chart