GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.6524.

Further decline could be expected, and next target would be at 1.6100 area.

Near term resistance is at the trend line, and the key resistance is located at 1.6290, only break above this level could trigger another rise towards 1.6700.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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