GBPUSD Analysis – July 7, 2012

GBPUSD had formed a cycle top at 1.5776 on daily chart. Further decline to test 1.5236 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.6301, then the next target would be at 1.5000 area. Key resistance is at 1.5776, a break above this level will bring price to 1.6000 area.

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