GBPUSD Daily Analysis – October 19, 2016

GBPUSD continued its sideways movement in a range between 1.1946 and 1.2477. Resistance is at 1.2477, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3445 (Sept 6 high), another fall to 1.1500 area is still possible after consolidation. On the upside, a break of 1.2477 resistance will indicate that the downward movement had completed at 1.1946 already, then further rally to test the resistance of the downward trend line could be seen.

gbpusd chart