GBPUSD Weekly Analysis – August 30, 2015

GBPUSD failed to break above 1.5929 resistance, and stayed in the trading range between 1.5170 and 1.5929. Support is at 1.5170, as long as this level holds, the price action from 1.5814 could be treated as consolidation of the uptrend from 1.4565, and one more rise towards 1.6500 is still possible after consolidation. On the downside, a breakdown below 1.5170 support will indicate that the uptrend had completed at 1.5929 already, then deeper decline to test 1.4565 support could be seen.

gbpusd chart