GBPUSD Daily Analysis – August 16, 2018

GBPUSD extended its downside movement from 1.3213 to as low as 1.2661. As long as 1.2827 resistance holds, the downside movement could be expected to continue and next target would be at 1.2600 area. On the upside, a break of 1.2827 resistance would indicate that the downside movement is complete, then the pair would find resistance at the falling trend line on the 4-hour chart.

GBPUSD 4-hour chart