GBPUSD Daily Analysis – November 8, 2019

GBPUSD extended its downside movement from 1.2975 to as low as 1.2793. 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 1.2788 support, below this level could trigger further downside movement towards 1.2700. On the upside, a breakout of the trend line resistance would indicate that the downside movement is complete, then another rise towards 1.2950 could be seen.

GBPUSD 4-hour chart