GBPUSD is facing the resistance of the downward trend line on 4-hour chart.

As long as the trend line resistance holds, the rise from 1.6051 could be treated as consolidation of the downtrend from 1.7190 (Jul 15 high), another fall towards 1.5800 could be expected after consolidation.

On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.6051 already, then the following upward movement could bring price to .16700 area.

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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