GBPUSD Daily Analysis – March 26, 2014

GBPUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.6785, the rise from 1.6465 could be treated as consolidation of the downtrend. As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.6400 zone. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.6465 already, then the following upward movement could bring price to 1.7000 area.

gbpusd chart