GBPUSD Analysis – Mar 31, 2009

GBPUSD pulls back to 1.4110 level, suggesting that a cycle top has been formed at 1.4779 on daily chart. Consolidation in a range between 1.3900 and 1.4779 would more likely be seen. However, one more rise is still possible after consolidation, and a break above 1.4779 level will signal further rally to 1.5300 zone.

For long term analysis, GBPUSD has formed a cycle bottom at 1.3503 level on weekly chart. Further rise to 1.5300-1.5400 area to reach the next cycle top is possible.

gbpusd daily chart