GBPUSD Weekly Analysis – December 21, 2014

GBPUSD moved sideways in a trading range between 1.5541 and 1.5825. As long as 1.5825 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.7190, further decline to 1.5000 area could be expected after consolidation. On the upside, a break of 1.5825 resistance will signal completion of the downtrend, then the following upward movement could bring price back to 1.6000 zone.

gbpusd chart