GBPUSD Daily Analysis – May 15, 2014

GBPUSD’s downward movement from 1.6996 extended to as low as 1.6753. Resistance is located at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6700 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart