GBPUSD Daily Analysis – March 19, 2014

GBPUSD continued its downward movement from 1.6822, and the fall extended to as low as 1.6545. Further decline could be expected after consolidation, and the target would be at 1.6450 area. Resistance is at 1.6670, followed by the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could trigger another rise towards 1.7000.

gbpusd chart