GBPUSD Weekly Analysis – December 29, 2013

GBPUSD continues its upward movement from 1.5854 and the rise extended to as high as 1.6577. Support is now at 1.6330, as long as this level holds, further rise could be expected, and next target would be at 1.7000 area. On the downside, a breakdown below 1.6330 support will indicate that the upward movement from 1.5854 is complete, then deeper decline to 1.6150 area could be seen.

gbpusd chart