GBPUSD Weekly Analysis – October 26, 2014

GBPUSD remains in downtrend from 1.7190, the price action from 1.6051 is likely consolidation of the downtrend. Resistance levels are at 1.6230 and 1.6524, as long as these levels hold, 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