GBPUSD Daily Analysis – March 10, 2014

GBPUSD’s upward movement from 1.6582 extended to as high as 1.6785. Further rise to test 1.6822 resistance is possible, a break above this level will signal resumption of the uptrend from 1.6252, then next target would be at 1.7000 area. Support is at the upward trend line on 4-hour chart, a clear break below the trend line support will indicate that the upward movement is complete, then deeper decline to 1.6500 area could be seen.

gbpusd chart