GBPUSD Daily Analysis – December 31, 2014

GBPUSD is facing the resistance of the price channel on 4-hour chart, as long as the channel resistance holds, the rise from 1.5485 could be treated as consolidation of the downtrend from 1.5785, another fall towards 1.5000 is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.5485 already, then further rise to 1.5700 area could be seen.

gbpusd chart