GBPUSD Weekly Analysis – August 30, 2014

GBPUSD’s downward movement extended to as low as 1.6536. Resistance is at 1.6650, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.6000 area. Only break above 1.6650 resistance will indicate that correction of the downtrend is underway, then the following upward movement could bring price to 1.6800 – 1.6850 area.

gbpusd chart