GBPUSD Daily Analysis – March 9, 2015

GBPUSD remains in downtrend from 1.5551, and the fall extended to as low as 1.5032. Further decline to test 1.4950 support is possible, a breakdown below this level will signal resumption of the long term downtrend from 1.7190 (Jul 15, 2014 high), then next target would be at 1.4500 area. Resistance is at 1.5170, only break above this level could signal completion of the downtrend.

gbpusd chart