GBPUSD Weekly Analysis – January 25, 2014

GBPUSD’s upward movement from 1.5854 extended to as high as 1.6668. Support is now located at the upward trend line on daily chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.7000 area. On the downside, a clear break below the trend line support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 is underway, then deeper decline to 1.6100 area could be seen.

gbpusd chart