GBPUSD Weekly Analysis – March 16, 2014

GBPUSD remains in uptrend from 1.4813 (Jul 9, 2013 low), the fall from 1.6822 could be treated as consolidation of the uptrend. Deeper decline would likely be seen, and the target would be at the lower line of the price channel on daily chart. However, as long as the channel support holds, the uptrend could be expected at resume, and next target would be at 1.7000 area. Only a clear break below the channel support could signal completion of the uptrend.

gbpusd chart