GBPUSD Daily Analysis – November 13, 2014

GBPUSD broke below 1.5790 support, and continued its downward movement from 1.6182, and the fall extended to as low as 1.5759. Resistance is at 1.5944, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.5600 area. On the upside, a break of 1.5944 resistance will signal completion of the downtrend, then the following upward movement could bring price back to 1.6100 area.

gbpusd chart