GBPUSD Weekly Analysis – August 17, 2014

GBPUSD broke below 1.6692 support, 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 1.6300 area. Near term resistance is at 1.6840, only break above this level will indicate that correction of the downtrend from 1.7190 is underway, then further rally to 1.7000 area is possible.

gbpusd chart