GBPUSD Daily Analysis – August 27, 2014

GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.7190, the rise from 1.6536 is likely consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6400 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

gbpusd chart