GBPUSD Daily Analysis – October 29, 2014

GBPUSD is facing 1.6226 resistance again, a break of this level will indicate that the downtrend from 1.6524 had completed at 1.5874 already, then further rise to 1.6400 area could be seen. On the downside, as long as 1.6226 resistance holds, the price action from 1.5951 would possibly be consolidation of the downtrend, another fall to 1.5600 area is still possible after consolidation.

gbpusd chart