GBPUSD Weekly Analysis – May 31, 2014

GBPUSD broke below the bottom of the price channel on daily chart, indicating that lengthier consolidation of the uptrend from 1.4813 (Jul 9, 2013 low) is underway. Deeper decline would likely be seen next week, and next target would be at 1.6600 area. On the upside, as long as 1.6465 key support holds, the uptrend could be expected to resume, and one more rise to 1.7300 area to complete the upward movement is still possible.

gbpusd chart