GBPUSD's downward movement from 1.3445 extended to as low as 1.2914.

Further decline to test 1.2865 support is possible in a couple of days.

Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could indicate that the downtrend had completed at 1.2914 already, then the following upward movement could bring price back to 1.3300 - 1.3350 area.

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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