GBPUSD’s pullback from 1.3657 extended to as low as 1.3027, facing the bullish trend line from 1.2109 to 1.2774 now at around 1.2950. As long as the price is above the trend line, the fall could be treated as consolidation of the uptrend from 1.1946 (Oct 2016 low), and another rise towards the bearish trend line on its weekly chart is still possible after the consolidation. On the upside, a breakthrough below the trend line support would indicate that the uptrend had completed at 1.3657 already, then the following downside movement could bring price back towards 1.1946 previous low.
