GBPUSD Daily Analysis – September 3, 2014

After consolidation, GBPUSD broke below 1.6536 support and continued its downward movement from 1.7190, and the fall extended to as low as 1.6463. Further decline could be expected over the next several days, and next target would be at 1.6200 area. Resistance is located at the downward trend line from 1.7190 to 1.6643, only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart