GBPUSD Daily Analysis – March 3, 2020

GBPUSD stays below a falling trend line on the 4-hour chart and remains in the downtrend from 1.3017. As long as the trend line resistance holds, the bounce from 1.2725 could be treated as consolidation for the downtrend, and a breakdown below 1.2725 support could trigger further downside movement towards 1.2600. On the upside, a break of the trend line resistance would indicate that the downside movement had completed at 1.2725 already, then another rise towards 1.3000 could be seen.

GBPUSD 4-hour chart