GBPUSD Analysis – June 26, 2010

GBPUSD’s bounce from 1.4230 extends further to as high as 1.5076. Upward movement is expected to continue next week and target is at the upper boundary of the falling price channel. Support levels are at 1.4855 and 1.4680, only fall below these levels could turn price back to 1.4000 area.

For long term analysis, GBPUSD might be forming a cycle bottom at 1.4230 level on weekly chart. Key resistance is at 1.5522, a break above this level is needed to confirm the cycle bottom.

gbpusd daily chart
gbpusd weekly chart