The currency pair declined last week as investors had fears on growing tensions in the Middle East. The situation has changed on Friday as the US Labor Market data was weak, and there was no further escalation of the conflict around Iran (however, no one can guarantee that this conflict is solved).

We expect GBP/USD to move above the trend line this week. This is the main scenario. However, in case of further geopolitical escalation, another wave of downtrend is possible.