GBPUSD Daily Analysis – September 29, 2016

GBPUSD is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend from 1.3445 could be expected to continue, and further decline to test 1.2865 (Aug 15 low) support is possible. On the other side, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2914 already, then the following upward movement could bring price back to 1.3300 – 1.3350 area.

gbpusd chart