GBPUSD is facing the resistance of the downward trend line on 4-hour chart. As long as the trend line resistance holds, the rise from 1.5951 could be treated as consolidation of the downtrend from 1.6524, another fall to 1.5600 area is still possible.

On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.5951 already, then the following upward movement could bring price to 1.6400 zone.

 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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