GBPUSD Weekly Analysis – December 20, 2015

GBPUSD’s downward movement from 1.5929 extended to as low as 1.4865. Near term resistance is at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.4700 – 1.4800 area. Key resistance is at 1.5400, only break above this level could signal completion of the downtrend.

gbpusd chart