GBPUSD Weekly Analysis – February 7, 2015

GBPUSD is facing the resistance of the downward trend line on daily chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4500 area. However, a clear break above the trend line resistance will indicate that lengthier consolidation of the downtrend is underway, then range trading between 1.4950 and 1.5500 could be seen.

gbpusd chart