GBPUSD Weekly Analysis – February 15, 2015

GBPUSD broke above the downward trend line on daily chart, indicating that the downtrend from 1.7190 (Jul 15, 2014 high) had completed at 1.4950 already. Further rally would likely be seen over the next several weeks, and the target would be at 1.5700 area. Support levels are at 1.5180 and 1.4950, only break below these levels could trigger another fall towards 1.4000.

gbpusd chart