GBPUSD Weekly Analysis – May 3, 2015

GBPUSD failed to break above 1.5551 resistance, indicating that the pair remains in downtrend from 1.7190 (Jul 15, 2014 high), and the rise from 1.4565 would possibly be consolidation of the downtrend. Further decline to test 1.4565 support is possible in a couple of weeks, a breakdown below this level will signal resumption of the downtrend, then next target would be at 1.4000 area. On the upside, a break of 1.5551 will indicate that the downtrend had completed at 1.4565 already, then the following upward movement could bring price to 1.8000 zone.

gbpusd chart