GBPUSD Analysis – April 16, 2011

After breaking above 1.6400 resistance, GBPUSD’s rise from 1.5936 is treated as resumption of uptrend from 1.5344. Further rise is still possible in a couple of weeks, and next target would be at 1.6600 zone. Support is at 1.6225, only break below this level could indicate that lengthier consolidation of uptrend is underway.

For long term analysis, GBPUSD is in uptrend from 1.4230, further rise towards 1.7000 to reach next cycle top on weekly chart is possible.

gbpusd daily chart