GBPUSD Daily Analysis – October 2, 2019

GBPUSD is facing the resistance of the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the bounce from 1.2205 could be treated as consolidation for the downtrend from 1.2581, further decline towards 1.2100 area is still possible after the consolidation. Key resistance is at 1.2346, above this level would indicate that the downside movement had completed at 1.2205 already, then another rise towards 1.2600 could be seen.

GBPUSD 4-hour chart