GBPUSD remains in downtrend from 1.5785, the rise from 1.5034 is likely consolidation of the downtrend.

Range trading between 1.5034 and 1.5300 could be seen in a couple of days.

Resistance is at 1.5300, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.4500 is still possible.

Only break above 1.5300 resistance could signal completion of the downtrend.

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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