GBPUSD Daily Analysis – March 8, 2017

GBPUSD continued its downward movement from 1.2569 and the fall extended to as low as 1.2169. Near term resistance is at the descend price channel on 4-hours chart. As long as the pair stays in the channel, the downtrend could be expected to continue, and next target would be at 1.2000 area. Key resistance is at 1.2300, only break above this level could signal completion of the downtrend.

GBPUSD chart