After consolidation, GBPUSD broke below 1.6536 support and continued its downward movement from 1.7190, and the fall extended to as low as 1.6463.

Further decline could be expected over the next several days, and next target would be at 1.6200 area.

Resistance is located at the downward trend line from 1.7190 to 1.6643, 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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