GBPUSD Daily Analysis – January 29, 2015

GBPUSD is testing the resistance of the top of the price channel on 4-hour chart. As long as the channel resistance holds, the price action from 1.5034 could be treated as consolidation of the downtrend from 1.5785, another fall towards 1.4500 is still possible after consolidation. Key resistance is at 1.5268, only break above this level could signal completion of the downtrend.

gbpusd chart