GBPUSD Analysis – July 25, 2009

GBPUSD is in range trading between 1.5801 and 1.6743. Further rise to test 1.6743 previous high resistance is possible next week and pullback would more likely be seen before breaking above this level. Near term support is at 1.6250, a break down below this level will take price to 1.6050 zone or even lower.

For long term analysis, GBPUSD is in correction of the long term downtrend from 2.1161 (2007 high). Rebound to 1.7000-1.7500 area to reach the next cycle top on weekly chart is still possible.

gbpusd daily chart