GBPUSD Daily Analysis – November 12, 2014

GBPUSD broke above this upper line of the price channel on 4-hour chart, indicating that the downtrend from 1.6182 had completed at 1.5790 already. Further rise would likely be seen, and the target would be at 1.6100 area. Support is at 1.5790, a breakdown below this level will signal resumption of the downtrend, then the following downward movement could bring price to 1.5600 zone.

gbpusd chart