GBPUSD Daily Analysis – October 4, 2019

GBPUSD broke above 1.2346 resistance, suggesting that the downside movement from 1.2581 had completed at 1.2205 already. Further rally could be expected in a couple of days and next target would be at 1.2500 area. Near term support is at 1.2260, a breakdown below this level could trigger another fall towards 1.2100.

GBPUSD 4-hour chart