GBPUSD Daily Analysis – July 25, 2014

GBPUSD’s downward movement from 1.7190 extended to as low as 1.6965. Resistance is now 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 1.6850 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart