GBPUSD Analysis – June 12, 2010

GBPUSD might be forming a cycle top at 1.4769 level on daily chart. Key support is at 1.4230, a break below this level will confirm the cycle top, then another fall towards 1.4000 could be seen. Resistance is at 1.4769, only rise above this level will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.4900 area.

For long term analysis, GBPUSD is in bearish movement from 1.7042 (Aug 5, 2009 high). Fall to 1.4000 area to reach next cycle bottom on weekly chart is expected in next several weeks.

gbpusd daily chart