GBPUSD Analysis – Feb 20, 2008

GBPUSD is forming a sideways consolidation in a range between 1.9337 and 2.0099. Rebound to 1.9900 area to reach the next cycle top on daily chart will more likely be seen before breaking below 1.9337 level. Down trend will resume if 1.9337 previous support gives way, and decline to 1.9000 area could then be seen.

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