GBPUSD Weekly Analysis – March 18, 2017

Being contained by the 1.1946 support, GBPUSD rebounded from 1.2109, indicating that lengthier sideways movement is a range between 1.1946 and 1.2774 is underway. Another rise to test 1.2774 resistance would likely be seen, 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 the consolidation.

GBPUSD chart