GBPUSD Weekly Analysis – November 6, 2016

GBPUSD remains in downtrend from 1.5016, the rise from 1.1946 is likely consolidation of the downtrend. Range trading between 1.1946 and 1.2700 is possible over the next several weeks. Resistance is at 1.2700, as long as this level holds, the downtrend could be expected to resume, and further decline to 1.1500 area is still possible. On the upside, a break of 1.2700 resistance will indicate that the downtrend had completed at 1.1946 already, then the following upward movement could bring price to 1.4000 zone.

gbpusd chart