GBPUSD Daily Analysis – November 11, 2014

GBPUSD remains in downtrend from 1.6182, as long as the channel resistance holds, the rise from 1.5790 could be treated as consolidation of the downtrend. Further decline would likely be seen, and next target would be at 1.5600 area. Support is at 1.5790, a breakdown below this level will signal resumption of the downtrend. On the other side, a clear break above the channel resistance will indicate that the downtrend had completed at 1.5790 already, then further rise to 1.6100 area could be seen.

gbpusd chart