GBPUSD stays below a downward trend line on daily chart, and remains in downtrend from 1.6339, and the fall extends to as low as 1.4887. Further decline could be expected after a minor consolidation, and next target would be at 1.4500 area. Resistance is located at the trend line, only a clear break above the trend line could signal completion of the downtrend.
For long term analysis, GBPUSD is in downtrend from 1.6745 (Apr 28, 2011 high). Further decline to 1.4500 area could be expected over the next several weeks.
