GBPUSD Daily Analysis – February 7, 2014

GBPUSD remains in downtrend from 1.6668, the rise from 1.6252 is likely consolidation of the downtrend. Resistance is at 1.6400, as long as this level holds, the downtrend could be expected to resume, and another fall to 1.6200 area is still possible. On the upside, a break above 1.6400 resistance will indicate that the downtrend had completed at 1.6252 already, then further rise to 1.6550 area could be seen.

gbpusd chart