GBPUSD is facing 1.5541 support again, a breakdown below this level will signal resumption of the downtrend from 1.6182 (Oct 28 high), then the following downward movement could bring price to 1.5000 area.

Resistance is at 1.5680, only break above this level will indicate that lengthier sideways movement is underway, and the trading range would be between 1.5541 and 1.5825.

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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