GBPUSD's bounce from 1.4634 extended to as high as 1.5162.

Further rise to test the resistance of the top of the price channel on daily chart is possible.

As long as the channel resistance holds, the rise could be treated as consolidation of the downtrend from 1.7190 (Jul 15, 2014 high), another fall towards 1.4000 is possible after consolidation.

Key resistance is at 1.5551, only break above this level 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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