GBPUSD remains in downtrend from 1.4769, the rise from 1.4332 could be treated as correction of the downtrend.

Further decline to test 1.3835 previous low support is possible over the next several weeks.

Resistance is at 1.4769, only break above this level could trigger another rise towards 1.5000.

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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