Looking at the GBPUSD Weekly chart, we can see after reaching the 1.365 level on the 21st of January started to downtrend, being unable to consolidate on the 1.36 and 1.355 ranges respectively, leading to a further fall towards the 1.3475 range seeking support.

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Temporary support was found around the 1.345 level where it was held twice during yesterday’s session. It was last found trading at 1.35 with overhead resistance found at 1.355.

Today, we could expect a consolidation at the current level and possibly a move near the 1.355 resistance.

If however, it doesn’t manage to hold on to the current level and consolidate, then we could expect a move towards the 1.345, below the support.

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