GBPUSD Daily Analysis – April 8, 2020

GBPUSD stays in a falling price channel on the 4-hour chart and remains in the downtrend from 1.2485. As long as the channel resistance holds, the bounce from 1.2164 could be treated as consolidation for the downtrend and further decline to 1.1900 area is still possible. On the upside, a breakout of the channel resistance would indicate that the uptrend from 1.1409 has resumed, then next target would be at 1.2800.

GBPUSD 4-hour chart