GBPUSD Daily Analysis – April 15, 2014

GBPUSD’s fall from 1.6820 extended to as low as 1.6696. Deeper decline is still possible and the target would b at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall could be treated as consolidation of the uptrend from 1.6465, one more rise towards 1.7000 is still possible. Only a clear break below the channel support will signal completion of the uptrend.

gbpusd chart