GBPUSD Weekly Analysis – March 8, 2020

GBPUSD’s bounce from 1.2725 extended to as high as 1.3051. Further rally would likely be seen next week and the target would be at the falling trend line on the daily chart. As long as the trend line resistance holds, the bounce could be treated as consolidation for the downtrend from 1.3514, another fall towards 1.2600 is still possible after the consolidation. On the upside, a breakout of the trend line resistance would indicate that the downtrend had completed at 1.2725 already, then next target would be at 1.3400 area.

GBPUSD daily chart