GBPUSD Daily Analysis – July 16, 2018

GBPUSD stays in a falling price channel on the 4-hour chart and remains in the downtrend from 1.3362. As long as the channel resistance holds, the bounce from 1.3102 could be treated as consolidation for the downtrend and another fall towards 1.3000 is still possible after the consolidation. On the upside, a clear break above the channel resistance could bring the price back towards 1.3362 resistance. Above this level would aim 1.3450 area.

GBPUSD 4-hour chart