GBPUSD Weekly Analysis – August 3, 2014

GBPUSD broke below the lower line of the price channel on daily chart, indicating that the uptrend from 1.4813 (Jul 9, 2013 low) had completed at 1.7190 already. Further decline could be expected, and next target would be at 1.6500 area. Resistance levels are at 1.7040 and 1.7190, only break above these levels could trigger another rise to 1.7500 area.

gbpusd chart