GBPUSD Daily Analysis – March 12, 2018

GBPUSD is in short term downtrend from 1.3929, the bounce from 1.3781 is likely correction for the downtrend. As long as 1.3929 resistance holds, another fall to test 1.3711 support could be expected. A breakdown below this level could take price to 1.3550 area. On the upside, a breakout of 1.3929 resistance could indicate that the uptrend from 1.3711 has resumed, then the following upside movement could take price towards next resistance level at 1.4069.

GBPUSD 4-hour chart