GBPUSD Analysis – January 22, 2011

GBPUSD broke above 1.5910 key resistance and reached as high as 1.6058 level. Now the rise from 1.5344 could possibly be resumption of long term uptrend from 1.4230 (May 20, 2010 low). Further rise towards 1.6298 previous high resistance is expected next week. Support is at 1.5800, as long as this level holds, uptrend will continue.

For long term analysis, GBPUSD is uptrend from 1.4230, as long as 1.5296 key support holds, one more rise towards 1.8000 is still possible.

gbpusd daily chart