GBPUSD Daily Analysis – January 22, 2015

GBPUSD moved sideways in a range between 1.5034 and 1.5268. The price action in the range is likely consolidation of the downtrend from 1.5785. As long as 1.5268 resistance holds, the downtrend could be expected to resume, and another fall to 1.4700 is still possible. Key resistance is at 1.5300, only break above this level could signal completion of the downtrend.

gbpusd chart