GBPUSD Weekly Analysis – March 29, 2015

GBPUSD’s bounce from 1.4634 extended to as high as 1.5162. Further rise to test the resistance of the top of the price channel on daily chart is possible. As long as the channel resistance holds, the rise could be treated as consolidation of the downtrend from 1.7190 (Jul 15, 2014 high), another fall towards 1.4000 is possible after consolidation. Key resistance is at 1.5551, only break above this level could signal completion of the downtrend.

gbpusd chart