GBPUSD Weekly Analysis – March 30, 2014

Being contained by the lower line of the price channel on daily chart, GBPUSD rebounded from 1.6465, suggesting that the fall from 1.6822 had completed. Further rise to test 1.6822 resistance could be expected, a break above this level will signal resumption of the uptrend from 1.4813 (Jul 9, 2013 low), then next target would be at 1.7000 area. Key support is now at 1.6465, only break below this level will indicate that the uptrend from 1.4813 had completed at 1.6822 already, then the following downward movement could bring price to 1.6000 zone.

gbpusd chart