GBPUSD Daily Analysis – February 1, 2018

GBPUSD remains in the uptrend from 1.3301, the fall from 1.4345 is likely consolidation of the uptrend. Another rise towards 1.4500 is still possible after the consolidation. Near term resistance is at 1.4345, a breakout of this level could signal resumption of the uptrend. The key support is at 1.3979, only a breakdown below this level will indicate that the uptrend had completed at 1.4345 already, then deeper decline to 1.3800 area could be seen.

GBPUSD 4-hour chart