GBPUSD Weekly Analysis – September 27, 2014

GBPUSD remains in downtrend from 1.7190, the rise from 1.6051 is likely consolidation of the downtrend. Range trading between 1.6051 and 1.6700 would likely be seen over the next several weeks. Key resistance is at 1.6700, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.5000 is still possible after consolidation.

gbpusd chart