GBPUSD Weekly Analysis – January 12, 2014

GBPUSD stays within a upward price channel on daily chart, and remains in uptrend from 1.5854, and the fall from 1.6593 could be treated as consolidation of the uptrend. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.7000 is still possible. On the downside, a clear break below the channel support will indicate that the upward movement from 1.5854 is complete, then deeper decline to 1.6100 area could be seen.

gbpusd chart