GBPUSD Daily Analysis – August 10, 2018

GBPUSD extended its downside movement from 1.3213 to as low as 1.2818. Further decline is still possible in a couple of days and next target would be at 1.2700 area. Near term resistance is at 1.2911, only a break above this level would indicate that the downside movement is complete, then the following upside movement could bring the price back towards the falling trend line on the 4-hour chart.

GBPUSD 4-hour chart