GBPUSD Weekly Analysis – July 26, 2014

GBPUSD remains in uptrend from 1.4813 (Jul 9, 2013 low), the fall from 1.7190 is likely consolidation of the uptrend. Support is located at the bottom of the price channel on daily chart. As long as the channel support holds, the uptrend could be expected to resume, and one more rise to 1.7500 area is still possible. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 1.7190 already, then the following downward movement could bring price to 1.5500 area.

gbpusd chart