GBPUSD Daily Analysis – March 4, 2014

GBPUSD failed to break above 1.6822 resistance and stayed in the trading range between 1.6582 and 1.6822. As long as 1.6582 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.6252, another rise towards 1.7000 could be expected after consolidation. On the downside, a breakdown below 1.6582 support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 (Jul 9, 2013) is underway, then deeper decline to 1.6400 area could be seen.

gbpusd chart