GBPUSD Daily Analysis – October 14, 2014

GBPUSD remains in uptrend from 1.5951, the fall from 1.6226 is likely correction of the uptrend. As long as 1.5951 key support holds, the uptrend could be expected to resume, and one more rise to 1.6400 area to complete the upward movement is still possible. On the downside, a breakdown below 1.5951 will indicate that the downtrend from 1.7190 (Jul 15 high) has resumed, then next target would be at 1.5600 area.

gbpusd chart