GBPUSD failed to break above 1.5000 resistance, and stayed in the trading range between 1.4739 and 1.4994. Resistance is now at 1.4994, a break of this level will signal resumption of the uptrend from 1.4634, then next target would be at 1.5100 – 1.5150 area. Support is at 1.4739, only break below this level will indicate that the long term downtrend from 1.7190 (Jul 15, 2014 high) has resumed, then the following downward movement could bring price to 1.4000 area.
