GBPUSD Weekly Analysis – March 20, 2016

GBPUSD’s bounce from 1.3835 extended to as high as 1.4514. Further rise to test 1.4668 resistance could be seen next week, a break of this level will indicate that the downtrend from 1.5929 (Jun 18, 2015 high) had completed at 1.3835 already, then the following upward movement could bring price to 1.6500 area. On the downside, as long as 1.4668 resistance holds, the bounce from 1.3835 could be treated as consolidation of the downtrend, another fall to 1.3000 area to complete that downward movement is still possible.

gbpusd chart