GBPUSD Daily Analysis – March 6, 2015

GBPUSD’s downward movement from 1.5551 extended to as low as 1.5215. Resistance is located 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 continue, and next target would be at 1.5100 area, only a clear break above the channel resistance could signal completion of the downtrend.

gbpusd chart