GBPUSD Weekly Analysis – November 1, 2014

No changed in our view, GBPUSD remains in downtrend from 1.7190, the price action from 1.6051 could be treated as consolidation of the downtrend. Key resistance is at 1.6524, as long as this level holds, the downtrend could be expected to resume, and another fall to 1.5500 area is possible after consolidation. Support is at 1.5874, a breakdown below this level could signal resumption of the downtrend.

gbpusd chart