GBPUSD Weekly Analysis – February 12, 2017

GBPUSD continued its sideways movement in a range between 1.1946 and 1.2774. Near term resistance is at 1.2774, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.5016, and further decline to 1.1500 area is still possible after consolidation. Key resistance is at 1.3050, only break above this level could signal completion of the downtrend.

gbpusd chart