GBPUSD Daily Analysis – December 24, 2013

GBPUSD stays in a trading range between 1.6219 and 1.6481. The price action in the range is likely consolidation of the uptrend from 1.5854. Key support is at 1.6219, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.7000 is possible after consolidation. On the downside, a breakdown below 1.6219 support will signal completion of the uptrend from 1.5854, then the following downward movement could bring price back to 1.6000 zone.

gbpusd chart