GBPUSD Daily Analysis – December 6, 2017

GBPUSD’s pullback from 1.3549 extended to as low as 1.3370. Further decline is still possible and next target would be at the rising trend line on the 4-hour chart. As long as the trend line support holds, the fall from 1.3549 could be treated as consolidation of the uptrend from 1.3039, and another rise towards 1.3657 (Sep 20 high) could be expected after the consolidation. Near term resistance is at 1.3549, a breakout of this level could signal resumption of the uptrend. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 1.3549 already, then the pair would find next support level at 1.3220. Below this level would aim 1.3027.

GBPUSD 4-hour chart