Looking at the GBPUSD Weekly chart, we can see the retraction from the 1.36 to the 1.3275 on the 25th of February where it formed temporary support followed by an immediate rebound back up in the 1.34 range where it traded consistently for the remainder of the week. Earlier in today’s session, there was another retraction causing the price to dip close to the support level of 1.3275. It was last found trading at 1.328 price range with overhead resistance found at 1.345 and support level of 1.3275.
Today, we could expect a move below the 1.3275 support level as it broke the consolidation range of 1.34.
If however, it does manage to hold on to the current level and consolidate above 1.328, then we could expect a move towards the 1.34 range.
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