GBPUSD Daily Analysis – April 17, 2017

GBPUSD formed a sideways consolidation in a range between 1.2365 and 1.2573. Resistance is at 1.2573, a break above this level will signal resumption of the uptrend from 1.2109, then next target would be at 1.2650 area. On the downside, as long as 1.2573 resistance holds, the price action in the trading range would possibly be consolidation of the downtrend from 1.2615, and another fall to 1.2200 area is possible after the consolidation.

GBPUSD chart