GBPUSD Daily Analysis – January 16, 2020

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 1.2954 could be treated as consolidation for the downtrend from 1.3284 and further decline to 1.2850 area is still possible. On the upside, a breakout of the trend line resistance would indicate that the downside movement had completed at 1.2954 already, then another rise towards 1.3400 could be seen.

GBPUSD 4-hour chart