GBPUSD Analysis – June 29, 2013

GBPUSD is facing the support of the lower line of the price channel on daily chart. A clear break below the channel support will indicate that the downtrend from 1.6339 has resumed, then the following downward movement could bring price to 1.4000 area. On the upside, as long as the channel support holds, the price action from 1.5605 would possibly be consolidation of the uptrend from 1.4831, one more rise towards 1.6500 is still possible.

gbpusd daily chart