GBPUSD's fall from 1.6684 extended to as low as 1.6553.

Deeper decline is still possible, and next target would be at 1.6510 area.

However, the fall is likely correction of the uptrend from 1.6465, as long as 1.6465 key support holds, one more rise towards 1.6800 could be expected after correction, and a break above 1.6620 resistance could signal resumption of the uptrend.

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, minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling with the shares representing a cost-effective investment relative to investing in the FOREX market.

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