GBPUSD Weekly Analysis – April 5, 2015

GBPUSD remains in downtrend from 1.7190 (Jul 15, 2014 high), the rise from 1.4534 is likely consolidation of the downtrend. Further rise to the top of the price channel to complete the consolidation is possible. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.4000 area. Key resistance is at 1.5551, only break above this level could signal completion of the downtrend.

gbpusd chart