GBPUSD Analysis – July 27, 2013

GBPUSD’s rise from 1.4813 extends to as high as 1.5433. The uptrend could be expected to continue next week, and next target would be at 1.5600 area. However, the price action from 1.4831 would possibly be consolidation of the long term downtrend from 1.6745 (Apr 28, 2011 high), as long as 1.5751 key resistance holds, the downtrend could be expected to resume, and one more fall towards 1.4000 is still possible.

gbpusd daily chart