Photo by Philip Veater on Unsplash
Looking at the GBPUSD Weekly chart, we can see the immediate rebound after a retraction to 1.349 range on the 16th of February, deemed as support level, and the follow-up rally well into the 1.36 price range, reaching as high as 1.364 on multiple occasions. It also showed the ability to consolidate and keep above the 1.356, acting as the closest temporary support level. It was last found trading at 1.357 price range with overhead resistance found at 1.364 and support level of 1.349.
Today, we could expect a move below the 1.356 support level as it failed to break out from the 1.364 overhead resistance level on multiple occasions.
If however, it does manage to hold on to the current level and consolidate above 1.356, then we could expect another move towards the 1.364 resistance level.
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