GBPUSD Weekly Analysis – February 21, 2016

GBPUSD is forming a sideways consolidation in a range between 1.4080 and 1.4668. As long as 1.4668 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.5929 (Jun 18, 2015 high), further decline to 1.3700 area is still possible after consolidation. On the other side, a break of 1.4668 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.6500 area.

gbpusd chart