GBPUSD Analysis – February 12, 2011

GBPUSD broke below the lower border of the rising price channel on daily chart, suggesting that a cycle top had been formed at 1.6277 level. Consolidation of uptrend is expected in a couple of weeks and pullback to 1.5700-1.5800 area would likely be seen. Key resistance is at 1.6277, a break above this level will indicate that the uptrend from 1.5344 has resumed, then next target would be at 1.6700 zone.

For long term analysis, GBPUSD is uptrend from 1.4230, as long as 1.5296 key support holds, one more rise towards 1.8000 is still possible.

gbpusd daily chart