GBPUSD Daily Analysis – July 8, 2014

GBPUSD remains in uptrend from 1.6692, the fall from 1.7179 is likely consolidation of the downtrend. Support is located at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume, and next target would be at 1.7300 area. Only a clear break below the channel support could signal completion of the uptrend.

gbpusd chart