GBPUSD Daily Analysis – February 4, 2014

GBPUSD broke below the lower line of the price channel on 4-hour chart, indicating that the uptrend from 1.5854 (Nov 12, 2013 low) had completed. The pair is now in downtrend from 1.6668, further decline could be expected after a minor consolidation, and next target would be at 1.6200 area. Resistance is at 1.6380, as long as this level holds, the downtrend will continue.

gbpusd chart