GBPUSD Daily Analysis – November 9, 2017

GBPUSD stays in a trading range between 1.3027 and 1.3337. Near term resistance is at 1.3180, a breakout of this level could trigger another rise towards 1.3337 key resistance. As long as 1.3337 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3657 and further decline towards 1.2774 support is possible after the consolidation. Near term support is at 1.3027, a breakdown below this level could signal resumption of the downtrend.

GBPUSD 4-hour chart