GBPUSD Weekly Analysis – January 18, 2014

GBPUSD remains in uptrend from 1.5854, the fall from 1.6593 could be treated as consolidation of the uptrend. Support is at 1.6220, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.7000 is possible. Only a breakdown below 1.6220 support will indicate that the uptrend from 1.5854 had completed at 1.6593 already, then the pair will find support from the lower line of the price channel on daily chart.

gbpusd chart