GBPUSD Analysis – April 18, 2009

GBPUSD stays above the rising trend line from 1.3654 to 1.4110, and remains in uptrend from 1.3654. As long as the trend line support holds, further rise is in favor. The next target would be at 1.5300-1.5400 area. However, a clear break below the rising trend line will in indicate that the uptrend has completed and the following downtrend will take price back to 1.4000 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