GBPUSD Weekly Analysis – March 13, 2016

GBPUSD moved sideways in a range between 1.3835 and 1.4668 for several weeks. Key resistance is at 1.4668, as long as the level holds, the price action in the range could be treated as consolidation of the downtrend from 1.5929 (Jun 18, 2015 high), another fall to 1.300 area could be expected after consolidation. On the upside, 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