GBPUSD Daily Analysis – December 7, 2018

GBPUSD is facing the resistance of the price channel on the 4-hour chart. As long as the channel resistance holds, the bounce from 1.2658 could be treated as consolidation of the downtrend from 1.3174, and further decline towards 1.2500 is still possible after the consolidation. Key resistance is at 1.2839, only a break of this level could indicate that the downside movement had completed at 1.2658 already, then next target would be at 1.3000 area.

GBPUSD 4-hour chart