GBPUSD failed to break above 1.6226 resistance, and stayed in the trading range between 1.5874 and 1.6226.

As long as 1.6226 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6524, another fall to 1.5600 area could be expected after the sideways consolidation.

However, a break of 1.6226 resistance will indicate that the downtrend had completed at 1.5874 already, then further rise to 1.6400 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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