GBPUSD moved sideways in a range between 1.6692 and 1.6782. As long as 1.6782 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6920, one more fall to 1.6600 area to complete the downward movement is still possible. On the upside, a break above 1.6782 resistance will indicate that the downtrend had completed at 1.6692 already, then further rise to 1.6900 – 1.6950 area could be seen.
