GBPUSD Weekly Analysis – February 2, 2014

GBPUSD stays within a upward price channel on daily chart, and remains in uptrend from 1.5854, the fall from 1.6668 could be treated as consolidation of the uptrend. As long as the channel support holds, the uptrend could be expected to resume, and next target would be at 1.7000 area. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the longer term uptrend from 1.4813 is underway, then the pair will find support around 1.6100.

gbpusd chart