GBPUSD Daily Analysis – December 9, 2014

GBPUSD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that lengthier consolidation for the downtrend from 1.6182 (Oct 28 high) is needed, then further rise to test 1.5825 resistance could be seen. On the downside, as long as the trend line resistance holds, the downtrend from 1.5825 could be expected to continue, and next target would be at 1.5000 area.

gbpusd chart