GBPUSD Daily Analysis – January 20, 2020

After touching the top trend line of the price channel on the 4-hour chart, GBPUSD dropped sharply to 1.2995, suggesting that the pair remains in the downtrend from 1.3284. Further decline could be expected and next target would be at 1.2800 area. Key resistance is at 1.3118, only break above this level could trigger another rise towards 1.3400.

GBPUSD 4-hour chart