GBPUSD Daily Analysis – January 29, 2020

GBPUSD broke below the bottom of the rising price channel on the 4-hour chart, suggesting that the upside movement from 1.2954 had completed at 1.3173 already. Further decline would likely be seen in the coming days and next target would be at 1.2850 area. Near term resistance is at 1.3065, only break above this level could trigger another rise towards 1.3200.

GBPUSD 4-hour chart