GBPUSD Daily Analysis – September 18, 2014

GBPUSD is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the rise from 1.6051 could be treated as consolidation of the downtrend from 1.7190 (Jul 15 high), another fall towards 1.5800 could be expected after consolidation. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.6051 already, then the following upward movement could bring price to .16700 area.

gbpusd chart