GBPUSD Daily Analysis – July 31, 2014

GBPUSD continued its downward movement from 1.7190, and the fall extended to as low as 1.6889. Resistance is located at the downward trend line on 4-hour chart. As long as the trend line resistance holds, further decline could be expected, and next target would be at 1.6800 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart