GBPUSD Weekly Analysis – March 5, 2017

GBPUSD moved sideways in a range between 1.1946 and 1.2774 for several weeks. The sideways movement is likely consolidation of the downtrend from 1.5016. Further decline could be expected after consolidation and next target would be at 1.1500 area. Key resistance is at 1.3050, only break above this level could signal completion of the downtrend.

GBPUSD chart