GBPUSD Daily Analysis – December 11, 2014

GBPUSD’s rise from 1.5541 extended to as high as 1.5756. Range trading between 1.5541 and 1.5825 could be seen over the next several days. As long as 1.5825 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6182 (Oct 28 high), another fall towards 1.5000 is still possible after consolidation.

gbpusd chart