GBPUSD Analysis – July 17, 2011

GBPUSD had formed a cycle bottom at 1.5781 on daily chart. Further rise could be seen in a couple of weeks, and target would be at 1.6500-1.6600 area. Key support is at 1.5781, only break below this level could trigger another fall towards 1.5000.

For long term analysis, GBPUSD had formed a cycle top at 1.6745 on weekly chart. Range trading between 1.5781 and 1.6745 is expected in next several weeks.

gbpusd daily chart