GBPUSD Weekly Analysis – December 22, 2013

GBPUSD’s upward movement from 1.5854 extended to as high as 1.6481. Initial support is at 1.6220, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.7000 area. On the downside, a breakdown below 1.6220 support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 is underway, then deeper decline to the lower line of the price channel on daily chart could be seen.

gbpusd daily chart