GBPUSD Weekly Analysis – January 10, 2015

GBPUSD continued its downward movement from 1.7190 (Jul 15, 2014 high), and the fall extended to as low as 1.5034. Further decline could be expected after a minor consolidation, and next target would be at 1.4500 area. Resistance is located at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart