GBPUSD Weekly Analysis – February 14, 2016

GBPUSD remains in downtrend from 1.5929 (Jun 18, 2015 high), the rise from 1.4080 is likely consolidation of the downtrend. Range trading between 1.4080 and 1.4600 would likely be seen in a couple of weeks. Resistance is at 1.4600, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.3700 area. On the upside, a break of 1.4600 resistance will indicate that the downtrend from 1.5929 had completed at 1.4080 already, then the following upward movement could bring price to 1.6500 area.

gbpusd chart