After touching 1.5590 support, GBPUSD bounced back into the trading range between 1.5590 and 1.5825, indicating that lengthier consolidation for the downtrend from 1.6182 is needed.

However, as long as 1.5825 resistance holds, the downtrend could be expected to resume, and one more fall towards 1.5000 area is still possible.

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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