GBPUSD's downward movement from 1.6643 extended to as low as 1.6168.

Further decline could be expected after a minor consolidation, and next target would be at 1.6000 area.

Near term resistance is at 1.6280, only break above this level will indicate that the downtrend had completed at 1.6168 already, then the following upward movement could bring price back to test the resistance of the downward trend line from 1.7190 to 1.6643.

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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