GBPUSD Daily Analysis – November 6, 2014

GBPUSD broke below 1.5874 support, indicating that the downtrend from 1.6524 (Sept 19 high) has resumed. Further decline could be expected, and next target would be at 1.5600 area. Resistance is at 1.6040, only break above this level will indicate that lengthier sideways movement is underway, then further rise to test 1.6226 resistance is possible.

gbpusd chart