Looking at the GBP/USD Weekly chart, we can see its climb from the 1.341 price range on the 30th of December, to the 1.35 where for the following days it traded in a channel between support of 1.348 and resistance of 1.354. Yesterday it managed to break the 1.354 resistance, unable however to hold its ground, it retracted back down to the 1.352 where it currently attempts to consolidate.
Today, we could expect consolidation at the current level and possibly another attempt to get over and above the 1.354 resistance.
If however, it doesn’t manage to hold on to the current level, we could expect a move towards the 1.35 temporary support level.
(Click on image to enlarge)
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