GBPUSD Weekly Analysis – December 14, 2014

GBPUSD stays below the downward trend line on daily chart, and remains in downtrend from 1.7190, the rise from 1.5541 could be treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.5000 area. Key resistance is at 1.5825, only break above this level will indicate that the downtrend had completed at 1.5541 already, then further rise to 1.6000 area could be seen.

gbpusd chart