GBPUSD Weekly Analysis – July 5, 2014

GBPUSD’s upward movement from 1.4813 (Jul 9, 2013 low) extended to as high as 1.7179. Further rise is still possible next week, and next target would be at 1.7500 area. Near term support is located at the upward trend line on daily chart, as long as the trend line support holds, the uptrend will continue. Key support is at 1.6692, only break below this level will indicate that the uptrend is complete, then the following downward movement could bring price back to 1.5000 area.

gbpusd chart