GBPUSD Daily Analysis – February 6, 2014

GBPUSD is in consolidation of the downtrend from 1.6668. Range trading between 1.6252 and 1.6400 would likely be seen in a couple of days. Resistance is at 1.6400, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.6200 area. Only break above 1.6400 resistance could signal completion of the downtrend.

gbpusd chart