GBPUSD Analysis – Feb 9, 2008

GBPUSD is testing the previous low support at 1.9337. Rebound to 1.9800 area to reach the next cycle top on daily chart is expected if 1.9337 support holds, and further fall towards 1.9000 area could be seen if 1.9337 support gives way. However, rebound from 1.9337 is treated as consolidation to the down trend, only break of 2.0099 key resistance could signal the reversal to the down trend.

For long term analysis, the pair is in long term bearish movement. Further fall towards 1.8000 area to reach the next cycle bottom on weekly chart is expected.

gbpusd daily chart