GBPUSD Daily Analysis – December 19, 2017

GBPUSD moved sideways in a trading range between 1.3301 and 1.3466. The sideways movement is likely consolidation of the downtrend from 1.3549. As long as 1.3466 resistance holds, the downtrend could be expected to resume, and a breakdown below 1.3301 support could take price to next support level at 1.3220. Below this level could trigger further downside movement towards 1.3027 (Oct 6 low). On the upside, a breakout of 1.3466 resistance will indicate that the downside movement had completed at 1.3301 already, then next target would be at 1.3549 resistance. Above this level would aim 1.3657 (Sep 20 high).

GBPUSD 4-hour chart