GBPUSD Daily Analysis – January 9, 2018

GBPUSD moved sideways in a trading range between 1.3494 and 1.3512. As long as 1.3494 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.3301 and another rise to test 1.3657 (Sep 20 high) resistance is still possible after the consolidation. On the downside, a breakdown below 1.3494 support will indicate that the upside movement had completed at 1.3612 already, then next target would be at 1.3420, followed by 1.3301.

GBPUSD 4-hour chart