Home  Long Term Forex Analysis GBPUSD Analysis - Aug 13, 2008
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GBPUSD Analysis - Aug 13, 2008 |
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Written by ForexCycle.com
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Tuesday, 12 August 2008 |
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GBPUSD's down trend remains and the fall from 2.0158 extends further to as low as 1.8952 level. Deeper decline towards 1.8600 is still possible in a couple of weeks. Initial resistance is now located at 1.9250, as long as the level holds, down trend will continue.
For long term analysis, GBPUSD formed a cycle top at 2.0158 on weekly chart. Further fall towards 1.8500 to reach next cycle bottom is in favor.
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