GBPUSD Daily Analysis – March 20, 2014

GBPUSD’s downward movement form 1.6785 extended to as low as 1.6508. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6450 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 1.6785 is complete, then the following upward movement could bring price to 1.7000 zone.

gbpusd chart