GBPUSD's downward movement from 1.5016 extended to as low as 1.2795.

Further decline could be expected after a minor consolidation, and next target would be at 1.2000 area.

Near term resistance is at 1.3550, as long as this level holds, the downtrend will continue.

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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