GBPUSD Daily Analysis – March 11, 2014

GBPUSD broke below the upward trend line on 4-hour chart, suggesting that the upward movement from 1.6582 had completed at 1.6785 already. Deeper decline could be expected in a couple of days, and the target would be at 1.6500 area. Resistance is at 1.6710, only break above this level could trigger another rise to re-test 1.6822 resistance.

gbpusd chart