GBPUSD is in downtrend from 1.6182, the rise from 1.5790 is likely consolidation of the downtrend.

Resistance is located at the downward price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.5600 area.

However, a clear break above the channel resistance will indicate that the downtrend had completed at 1.5790 already, then further rise to 1.6100 area 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.

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