GBPUSD Weekly Analysis – September 7, 2014

GBPUSD stays below the downward trend line on daily chart, and remains in downtrend from 1.7190, and the fall extended to as low as 1.6280. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6000 area. Only a clear break above the trend line resistance will indicate that correction of the downtrend is underway, then further rise to 1.6600 area could be seen.

gbpusd chart