GBPUSD Analysis – Feb 17, 2008

GBPUSD is forming a sideways consolidation in a range between 1.9337 and 2.0099. Rise towards 1.9900 area to reach the next cycle top on daily chart is still in favor. Key support is at 1.9337, breakdown of this level will signal the resumption of 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