GBPUSD Analysis – February 19, 2011

GBPUSD is facing 1.6298 resistance, a break above this level will indicate that a cycle bottom had been formed at 1.5962 level on daily chart, then further rise to 1.6700 area could be seen. However, as long as 1.6277 level holds, one more fall to 1.5700-1.5800 area is still possible.

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