GBPUSD Analysis – November 6, 2010

GBPUSD continues its upward movement from 1.4230 and the rise extended to as high as 1.6298 level. Further rise is still in favor next week and next target would be at 1.6400-1.6500. Support is at 1.6050, as long as this level holds, uptrend will continue.

For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several months.

gbpusd daily chart