GBPUSD Daily Analysis – March 5, 2020

GBPUSD extended its upside movement from 1.2725 to as high as 1.2874. Further rise would likely be seen and the target would be at the top of the falling price channel on the 4-hour chart. On the downside, as long as the channel resistance holds, the rise from 1.2725 could be treated as consolidation for the downtrend from 1.3209, another fall towards 1.2700 is possible after the consolidation.

GBPUSD 4-hour chart