GBPUSD broke below 1.5590 support, indicating that the downtrend from 1.6182 has resumed.
Further decline could be expected, and next target would be at 1.5400 area.
Resistance is at 1.5670, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then further rise to test 1.5825 resistance could be seen.
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.
Content curiosity of FOREXCycle
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