GBPUSD Daily Analysis – April 7, 2017

GBPUSD stays in the triangle pattern on 4-hour chart. As long as 1.2418 key support holds, the price action in the triangle pattern could be treated as consolidation of the uptrend from 1.2109, and further rise to 1.2650 area is still possible after the consolidation. Key resistance is at 1.2557, a break of this level could signal resumption of the uptrend. On the downside, a breakdown below 1.2418 support will indicate that the uptrend had completed at 1.2615 already, then the following downward movement could bring price back to 1.2200 area.

GBPUSD chart