GBPUSD Daily Analysis – July 8, 2019

GBPUSD extended its downside movement from 1.2783 to as low as 1.2480, breaking below 1.2505 support. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2450 area. Key resistance is at 1.2591, only break above this level could signal completion of the downtrend.

GBPUSD 4-hour chart