GBPUSD Daily Analysis – July 28, 2014

GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.7190. Resistance is located at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6850 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart