GBPUSD breaks below the upward trend line
GBPUSD breaks below the upward trend line on daily chart, and reaches as low as 1.5732, suggesting that the upward movement from 1.5236 has completed. Further decline would likely be seen next week, and next target would be at 1.5400-1.5500 area. Resistance is at 1.5900, only break above this level could indicate that a cycle bottom has been formed, then correction of the downtrend from 1.6301 could be seen, and the target would be at 1.6000 zone. For long term analysis, GBPUSD is in correction
GBPUSD forms bullish pin bar off 1.5800 support
Chart in Focus: Daily GBPUSD The GBPUSD moved lower early in today’s session but pared gains into the New York close forming a bullish rejection pin bar of 1.5800 support. We could see a pop higher in the near-term, however gains could be limited given that the recent momentum has been very bearish. Traders can look to sell the market on a rotation higher near the 8 day EMA resistance level next week, pending price action confirmation.