GBPUSD Daily Analysis – February 9, 2018

GBPUSD remains in the downtrend from 1.4345, the bounce from 1.3836 is likely consolidation of the downtrend. Further decline towards 1.3600 is still possible after the consolidation. Near term support is at 1.3836, a breakdown below this level could signal resumption of the downtrend. Resistance is at 1.4080, only break above this level would indicate that the downtrend had completed at 1.3836 already, then the following upside movement could bring price back towards 1.4345.

GBPUSD 4-hour chart