GBPUSD Daily Analysis – March 5, 2014

GBPUSD continued its sideways movement in a range between 1.6582 and 1.6822. Key support is at 1.6582, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 1.6252, further rise would likely be seen after consolidation, and next target would be at 1.7000 area. However, a breakdown below 1.6582 support will signal completion of the uptrend, then the pair will find support around 1.6400.

gbpusd chart