GBPUSD Analysis – October 9, 2010

GBPUSD broke above 1.5997 previous high resistance, suggesting that the uptrend from 1.4230 has resumed. Further rise is still possible next week and next target would be at 1.6200-1.6300 area. Support is at 1.5665, only break below this level would indicate that the rise from 1.5296 has completed, then another fall to 1.5200 area could be seen.

For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several months.

gbpusd daily chart