After touching the downward trend line on 4-hour chart, GBPUSD dropped down from 1.6643, indicating that the pair remains in downtrend from 1.7190.

Deeper decline to test 1.6536 support would likely be seen, a breakdown below this level will signal resumption of the downtrend, then next target would be at 1.6400 area.

Resistance is now at 1.6643, only break above this level will signal completion

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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