GBPUSD Analysis – February 6, 2010

GBPUSD breaks below 1.5708 key support and the fall from 1.6456 extends to as low as 1.5558 level, suggesting another decline is underway. Target for next week would be at 1.5200-1.5300 area. Near term resistance is at 1.5950 and key resistance is now at the falling trend line from 1.6875 to 1.6456, only a clear break above the trend line resistance could indicate that the fall from 1.6875 has completed.

For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.5000 area is expected in next several weeks.

gbpusd daily chart