GBPUSD Daily Analysis – August 19, 2014

GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.7190, the bounce from 1.6657 could be treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.6500 area. On the upside, a clear break above the trend line resistance will signal completion of the downtrend, then further rise to 1.7000 area could be seen.

gbpusd chart