GBPUSD Daily Analysis – April 21, 2014

GBPUSD remains in uptrend from 1.6465, the price action from 1.6820 could be treated as consolidation of the uptrend. Another fall to 1.6700 area to complete the consolidation is possible. Key support is at 1.6660, as long as this level holds, we’d expect the uptrend to resume, and a break of 1.6841 resistance could trigger another rise to 1.7000 area. One the downside, a breakdown below 1.6660 support will indicate that the uptrend from 1.6465 had completed at 1.6841 already, then the following downward movement could bring price back to 1.6500 zone.

gbpusd chart