GBPUSD Analysis – October 6, 2013

GBPUSD remains in uptrend from 1.4813, the fall from 1.6259 is likely consolidation of the uptrend. Support is at the upward trend line on daily chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise towards 1.6500 is still possible after consolidation. On the downside, a clear break below the trend line support will indicate that the uptrend has completed, then the following downward movement could bring price back to 1.4500 zone.

gbpusd daily chart