GBPUSD Weekly Analysis – January 25, 2015

GBPUSD stays below the downward trend line on daily chart, and remains in downtrend from 1.7190 (Jul 15, 2014 high), and the downward movement extended to as low as 1.4950. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4500 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart