GBPUSD Weekly Price Action, Sept 14 08

The GBPUSD has found support at the early 2006 breakout zone for the move up to the 2007 high at 2.1161. You can see at the far right hand side of the chart that a weekly reversal candle has formed. However, this isn't likely to pose a threat to the medium term downtrend. The chances of a consolidation period are quite likely after such a rapid move lower.