GBPUSD Daily Analysis – December 29, 2014

GBPUSD is now in downtrend from 1.5785. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.5000 area. On the upside, a clear break above the channel resistance will indicate that lengthier consolidation for the longer term downtrend from 1.6182 (Oct 28 high) is needed, then further rise to 1.5750 area could be seen.

gbpusd chart