GBPUSD Daily Analysis – December 28, 2017

GBPUSD continued its sideways movement in a range between 1.3301 and 1.3466. As long as the price is below 1.3466 resistance, the price action in the range could be treated as consolidation of the downtrend from 1.3549, and another fall could be expected after the consolidation. Near term support is at 1.3301. A breakdown below this level could signal resumption of the downtrend, then next target would be 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 could take price to next resistance level at 1.3549. Above here would aim 1.3657 (Sep 20 high).

GBPUSD 4-hour chart