GBPUSD Daily Analysis – November 1, 2018

GBPUSD broke above the bearish trend line on the 4-hour chart, suggesting that consolidation for the downside movement from 1.3257 is underway. Range trading between 1.2695 and 1.2950 would likely be seen in the coming days. Resistance is at 1.2950, as long as this level holds, the downtrend could be expected to resume and another fall towards 1.2600 is still possible after the consolidation. Only a breakout of 1.2950 resistance could signal completion of the downtrend.

GBPUSD 4-hour chart