GBPUSD Daily Analysis – March 25, 2014

GBPUSD remains in downtrend from 1.6785, the rise from 1.6465 is likely consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.6400 area. However, a clear break above the channel resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.7000 zone.

gbpusd chart