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GBPUSD Weekly Analysis - April 17, 2016

Long Term Forex Analysis | by ForexCycle.com | Sunday, 17 April 2016 12:39 UTC
GBPUSD stayed in a trading range between 1.3835 and 1.4668 for several weeks. The price action in the range is likely consolidation of the downtrend from 1.5929 (Jun 18, 2015 high). As long as 1.4668 resistance holds, the downtrend could be expected to resume, and further decline to 1.3000 area is still possible. On the upside, a break of 1.4668 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.6500 area.

gbpusd chart

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