GBPUSD Analysis – April 23, 2011

GBPUSD’s upward move from 1.5936 extended to as high as 1.6598. Further rise could be expected in a couple of weeks and next target would be at 1.6800-1.6900 area. Support is at the uptrend line on daily chart, as long as the trend line support holds, uptrend will continue.

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