GBPUSD Weekly Analysis – October 30, 2016

GBPUSD is in downtrend from 1.3444, the price action from 1.1946 is likely consolidation of the downtrend. Range trading between 1.1946 and 1.2600 is possible over the next several weeks. Only break above 1.2600 resistance will indicate that the downtrend had completed at 1.1946 already, then the following upward movement could bring price to 1.4000 zone.

gbpusd chart