GBPUSD Daily Analysis – November 8, 2017

GBPUSD continued its sideways movement in a trading range between 1.3027 and 1.3337. Another rise towards 1.3337 resistance would likely be seen in the coming days. As long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3657, and further decline towards 1.2774 is possible after the consolidation. Support is at 1.3027, a breakdown below this level could signal resumption of the downtrend. Near term resistance is at 1.3230, a break of this level could take price to test 1.3337. Above this level could trigger further upside movement to 1.3450 area.

GBPUSD 4-hour chart