GBPUSD Daily Analysis – August 29, 2014

GBPUSD is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend from 1.7190 could be expected to resume, and another fall towards 1.6400 is still possible. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.6536 already, then further rise to 1.6800 area could be seen.

gbpusd chart