GBPUSD Analysis – June 23, 2012

GBPUSD may be forming a cycle top at 1.5776 on daily chart. Further fall to test 1.5268 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.6301, then next target would be at 1.5000 area. Resistance is at 1.5776, only break above this level could trigger another rise towards 1.6000.

For long term analysis, GBPUSD has formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.

gbpusd daily chart