GBPUSD Weekly Analysis – February 8, 2014

GBPUSD is in uptrend from 1.4813, the fall from 1.6668 is treated as consolidation of uptrend. Deeper decline would likely be seen and the target would be a the lower line of the price channel on daily chart. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.7000 is still possible. Only a clear break below the channel support could signal completion of the uptrend.

gbpusd chart