GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.6524, and the fall extended to as low as 1.6112.

Deeper decline to test 1.6051 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 1.7190 (Jul 15 high), then next target would be at 1.5800 area.

However, as long as 1.6051 support holds, one more rise towards 1.6700 is still possible.

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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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