GBPUSD Daily Analysis – February 12, 2020

GBPUSD stays in a falling price channel on the 4-hour chart and remains in downtrend from 1.3209. As long as the channel resistance holds, the bounce from 1.2871 could be treated as consolidation for the downtrend, and further decline towards 1.2800 area is still possible after the consolidation. On the upside, a breakout of the channel resistance would indicate that the downside movement had completed at 1.2871 already, then another rise towards 1.3150 could be seen.

GBPUSD 4-hour chart