GBPUSD Analysis – Apr 5, 2008

GBPUSD is in down trend. Rebound from 1.9736 is treated as consolidation to the down trend. Further fall to test 1.9337 previous low support is still in favor after consolidation. As long as 2.0193 resistance holds, we’d expect down trend to resume and a break of 1.9730 level will signal the resumption of the down trend.

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