GBPUSD Daily Analysis – July 30, 2014

GBPUSD’s downward movement from 1.7190 extended to as low as 1.6932. Further decline could be expected after a minor consolidation, and next target would be at 1.6850 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart