GBPUSD Daily Analysis – February 21, 2020

GBPUSD extended its downside movement from 1.3069 to as low as 1.2848, breaking below 1.2871 support. As long as the price is in the falling price channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2800 area. On the upside, a breakout of the channel resistance would suggest that the short term downtrend had completed at 1.2848 already, then another rise towards 1.3000 could be seen.

GBPUSD 4-hour chart