GBPUSD Weekly Analysis – October 18, 2014

GBPUSD’s downward movement from 1.7190 extended to as low as 1.5874. Further decline could be expected and next target would be at 1.5500 area. Near term resistance is at 1.6230, and the key resistance is at 1.6524, only break above these levels could signal completion of the downtrend.

gbpusd chart