GBPUSD Analysis – April 3, 2011

GBPUSD may be forming a cycle bottom at 1.5936 level on daily chart. Further rise towards 1.6400 previous high would likely be seen in next several days. Support is at 1.5936, only break below this level could trigger another fall towards 1.5600 area.

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

gbpusd daily chart