GBPUSD Daily Analysis – December 11, 2017

The GBPUSD pair failed to break above 1.3549 resistance and moved sideways in a trading range between 1.3319 and 1.3549. Near term support is at the bullish trend line on the 4-hour chart. As long as the pair is above the trend line, the sideways movement could be treated as consolidation of the uptrend from 1.3039, and another rise to test 1.3657 (Sep 20 high) resistance is possible after the consolidation. Key support is at 1.3319, only a breakdown below this level 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 (Oct 6 low).

GBPUSD 4-hour chart