GBPUSD Daily Analysis – October 15, 2014

GBPUSD broke below 1.5951 support, indicating that the downtrend from 1.7190 (Jul 15 high) has resumed.

UK PoundFurther decline could be expected, and next target would be at 1.5600 area.

Resistance is at 1.6020, only break above this level could bring price back to 1.6300 zone.

20141015_GBPUSD_1

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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