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GBPUSD - Free Forex Market Analysis

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Sunday, December 30, 2007 at 10:15 GMT

GBPUSD's down trend remains. The rebound from 1.9755 is treated as consolidation to the down trend. Further fall below the previous low support at 1.9652 (Aug 17 low) is still possible after consolidation. Near term resistance is at the down trend line from 2.1161 to 2.0830, and as long as the trend line resistance holds, we'd expect down trend to continue. For long term analysis, the pair formed a long term cycle top at 2.1161 on weekly chart. Further fall towards 1.8000 area is expected.

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