GBPUSD moved sideways in a trading range between 1.2634 and 1.2817. The key resistance is at 1.2850, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 1.3047 and further decline to 1.2500 area could be expected after the consolidation. However, a break of 1.2850 resistance will indicate that the fall from 1.3047 is correction of the longer term uptrend from 1.1986 (Jan 16 low), then further rise towards 1.3300 could be seen.
