GBPUSD Daily Analysis – November 3, 2014

GBPUSD stays in the trading range between 1.5874 and 1.6226. The price action in the range is likely consolidation of the downtrend from 1.6524, another fall to 1.5600 area is still possible after consolidation, and a breakdown below 1.5874 support could signal resumption of the downtrend. On the upside, a break of 1.6226 resistance will indicate that the downtrend had completed at 1.5874 already, then further rise to 1.6400 area could be seen.

gbpusd chart