GBPUSD Weekly Analysis – October 12, 2014

GBPUSD remains in downtrend from 1.7190, the price action from 1.6051 is likely consolidation of the downtrend. Key resistance is at 1.6524, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.5500 area. Only break above 1.6524 resistance could signal completion of the downtrend.

gbpusd chart