GBPUSD Analysis – Mar 30, 2008

GBPUSD is in down trend. The rebound from 1.9736 is treated as consolidation to the down trend. Deeper decline to retest 1.9337 previous low support is still possible after consolidation, and a break below 1.9736 level will signal the resumption of the down trend. Near term resistance is now at 2.0193, as long as this resistance holds, we’d expect down trend to resume.

For long term analysis, the pair is in long term bearish movement. The rise from 1.9337 is treated as correction to the long term down trend. Further fall towards 1.8000 area to reach the next long term cycle bottom on weekly chart is still possible after correction.

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gbpusd daily chart