GBPUSD moved sideways in a range between 1.5874 and 1.6226. As long as 1.6226 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.6524, and another fall to 1.5600 area could be expected after consolidation. Support is at 1.5874, a breakdown below this level will signal resumption of the downtrend. On the upside, a break of 1.6226 resistance will signal completion of the downtrend, then the following upward movement could bring price back to 1.6400 zone.
