GBPUSD Weekly Analysis – April 22, 2018

GBPUSD pulled back to 1.4000 area after touching 1.4345 resistance, suggesting that lengthier consolidation for the uptrend from 1.1946 (Oct 7, 2016 low) is needed. Deeper decline towards 1.3711 key support is possible in the coming days. As long as this level holds, the uptrend could be expected to resume and another rise towards 1.5000 is still possible after the consolidation. On the downside, a breakdown below 1.3711 support would indicate that the upside movement is complete, then the following downside movement could bring price to 1.3000 area.

GBPUSD daily chart