GBPUSD Daily Analysis – August 26, 2014

GBPUSD remains in downtrend from 1.7190, the rise from 1.6536 could be treated as consolidation of the downtrend. Resistance is located at the falling trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.6400 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart