GBPUSD Daily Analysis – October 9, 2019

GBPUSD broke below 1.2205 support, suggesting that the downside movement from 1.2581 has resumed. Further decline could be expected in the coming days and next target would be at 1.2050 area. Near term resistance is at 1.2265, above this level would indicate that lengthier consolidation for the downtrend is needed, then another rise to 1.2370 area could be seen.

GBPUSD 4-hour chart