GBPUSD Daily Analysis – February 28, 2014

GBPUSD moves sideways in a trading range between 1.6582 and 1.6730. Support is at 1.6582, a breakdown below this level will confirm that the uptrend from 1.6252 had completed at 1.6822 already, then deeper decline to 1.6400 area could be seen. Resistance is at 1.6730, above this level will signal resumption of the uptrend from 1.6252, then the following upward movement could bring price to 1.7000 zone.

gbpusd chart