GBPUSD Daily Analysis – July 9, 2019

GBPUSD stays below a falling trend line on the 4-hour chart and remains in the downtrend from 1.2783. As long as the price is below the trend line, the bounce from 1.2480 could be treated as consolidation for the downtrend, further decline to 1.2400 area is still possible after the consolidation. Key resistance is at 1.2591, only break above this level could signal completion of the downtrend.

GBPUSD 4-hour chart