GBPUSD Daily Analysis – April 6, 2017

GBPUSD is forming a triangle pattern on 4-hour chart. Key support is at 1.2418, a breakdown below this level will confirm that the uptrend from 1.2109 had completed at 1.2615 already, then the following downward movement could bring price to 1.2200 area. Key resistance is at 1.2557, a break of this level will indicate that the uptrend from 1.2109 has resumed, then next target would be at 1.2650 area.

GBPUSD chart