GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.7190 (Jul 15 high), the rise from 1.6051 is likely consolidation of the downtrend.

Key resistance is located at the trend line, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall to 1.5800 area is still possible.

Only a clear break above the trend line 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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