GBPUSD Daily Analysis – March 7, 2014

GBPUSD moved sideways in a trading 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, one more rise towards 1.7000 is still possible after consolidation. On the downside, a breakdown below 1.6582 support will signal completion of the uptrend, then deeper decline to 1.6400 area could be seen.

gbpusd chart