GBPUSD Weekly Analysis – May 10, 2015

GBPUSD is facing 1.5551 key resistance again, a break of this level will indicate that the downtrend from 1.7190 (Jul 15, 2014 high) had completed at 1.4565 already, then the following upward movement could bring price to 1.8000 zone. However, as long as 1.5551 resistance holds, the bounce from 1.4565 would possibly be consolidation of the downtrend, one more fall towards 1.4000 is still possible after consolidation.

gbpusd chart