GBPUSD Daily Analysis – December 31, 2013

GBPUSD remains in uptrend from 1.6219, the fall from 1.6577 could be treated as consolidation of the uptrend. Support is at 1.6430, as long as this level holds, the uptrend could be expected to resume, and next target would be at 1.6700 area. On the downside, a breakdown below 1.6430 support will indicate that lengthier consolidation of the longer term uptrend from 1.5854 (Nov 12 low) is underway, then pullback to 1.6300 area could be seen.

gbpusd chart