GBPUSD Analysis – August 3, 2013

GBPUSD remains in uptrend from 1.4813, the fall from 1.5433 is likely consolidation of the uptrend. Another rise to test 1.5751 resistance is still possible after consolidation. However, as long as 1.5751 key resistance holds, the price action from 1.4831 would possibly be consolidation of the long term downtrend from 1.6745 (Apr 28, 2011 high), and one more fall towards 1.4000 is still possible.

gbpusd daily chart