GBPUSD Analysis – November 10, 2012

GBPUSD’s downward movement from 1.6309 extends to as low as 1.5887. Further decline could be expected next week, and next target would be at 1.5700 area. Resistance is now at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend will continue.

For long term analysis, GBPUSD formed a sideways consolidation in a range between 1.5236 (Jan 13 low) and 1.6745 (Apr 28, 2011 high). Further rise to test 1.6745 resistance would likely be seen over the next several weeks.

gbpusd daily chart