GBPUSD Daily Analysis – January 12, 2015

GBPUSD remains in downtrend from 1.5785, the rise from 1.5034 is likely consolidation of the downtrend. Near term resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 1.4900 area is still possible. Key resistance is at 1.5300, only break above this level could signal completion of the downtrend.

gbpusd chart