GBPUSD Analysis – April 4, 2009

GBPUSD breaks above 1.4779 and reaches as high as 1.4846 level. Further rise is now in favor and the next target would be at 1.5300-1.5400 area. Key support is at 1.4110, only fall below this level will indicate that the rebound from 1.3503 has completed.

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