GBPUSD Daily Analysis – October 29, 2018

GBPUSD stays below a bearish trend line on the 4-hour chart and remains in the downtrend from 1.3257, the bounce from 1.2776 is likely consolidation of the downtrend. As long as the trend line resistance holds, the downside movement could be expected to continue and next target would be at 1.2700 area. Only a breakout of the trend line resistance could signal completion of the downtrend.

GBPUSD 4-hour chart