GBPUSD Weekly Analysis – June 7, 2015

GBPUSD’s fall from 1.5814 extended to as low as 1.5170. As long as 1.5080 support holds, the fall could be treated as correction of the uptrend from 1.4565, another rise towards 1.6500 could be expected after correction. Near term resistance is at 1.5450, a break of this level could signal resumption of the uptrend. On the other side, a breakdown below 1.5080 support will indicate that the uptrend had completed at 1.5814 already, then the following downward movement could bring price back to 1.4000.

gbpusd chart