GBPUSD Weekly Analysis – September 13, 2014

GBPUSD remains in downtrend from 1.7190, the rise from 1.6051 is likely consolidation of the downtrend. Resistance is located at the downward trend line on daily chart. As long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.5300 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart