GBPUSD Daily Analysis – August 28, 2018

GBPUSD is facing the resistance of the falling trend line on the 4-hour chart once again. A breakthrough the trend line resistance would indicate that the downside movement from 1.3362 had completed at 1.2661 already, then the following upside movement could take the price to 1.3100 area. On the downside, as long as the trend line resistance holds, the bounce from 1.2661 could be treated as consolidation for the downtrend and a breakdown below 1.2798 support could trigger further downside movement towards 1.2661 previous low.

GBPUSD 4-hour chart