GBPUSD is facing the resistance of the downward trend line on 4-hour chart.

As long as the trend line resistance holds, the downtrend from 1.3445 could be expected to resume, and further decline to 1.2900 area is possible.

On the upside, a clear break above the trend line resistance will indicate that the downward movement had completed at 1.3138 already, then next target would be at 1.3600 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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