GBPUSD Weekly Analysis – April 3, 2016

GBPUSD continued its sideways movement in a range between 1.3835 and 1.4668. Key resistance is at 1.4668, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.5929 (Jun 18, 2015 high), and another fall towards 1.3000 is still possible after consolidation. However, 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