GBPUSD Weekly Analysis – March 6, 2016

GBPUSD remains in downtrend from 1.5929 (Jun 18, 2015 high), the rise from 1.3835 is likely consolidation of the downtrend. Resistance is at 1.4668, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.3000 area. On the upside, a break of 1.4668 resistance will indicate that the downtrend had completed at 1.3835 already, then the following upward movement could bring price to 1.6500 area.

gbpusd chart