GBPUSD Daily Analysis – August 9, 2018

GBPUSD extended its downside movement from 1.3213 to as low as 1.2851. Near term resistance is at 1.2975, as long as this level holds, the downside movement could be expected to continue and next target would be at 1.2800 area. On the upside, a break of 1.2975 resistance would suggest that the downside move is complete, then the pair would find next resistance at the falling trend line on the 4-hour chart.

GBPUSD 4-hour chart