GBPUSD Daily Analysis – January 14, 2014

GBPUSD is facing 1.6337 key support, a breakdown below this level will indicate that the uptrend from 1.5854 (Nov 12, 2013 low) had completed at 1.6593 already, then the following downward movement could bring price back to 1.6100 zone. On the upside, as long as 1.6337 support holds, the uptrend from 1.5854 could be expected to resume, and one more rise towards 1.7000 is still possible.

gbpusd chart