GBPUSD Daily Analysis – April 2, 2014

GBPUSD broke below the upward trend line on 4-hour chart, indicating that consolidation of the uptrend from 1.6465 is underway. Range trading between 1.6598 and 1.6684 would likely be seen. As long as 1.6598 support holds, the uptrend could be expected to resume, and one more rise to 1.6750 area is still possible. On the downside, a breakdown below 1.6598 support will signal completion of the uptrend from 1.6465, then deeper decline to 1.6530 area could be seen.

gbpusd chart