GBPUSD Analysis – July 23, 2011

GBPUSD formed a cycle bottom at 1.5781 on daily chart, and the rise extended to as high as 1.6338. further rise is still possible next week, and next target would be at 1.6500-1.6600 area. Support is at 1.6200 followed by 1.6160, as long as these levels hold, the upward move from 1.5781 will continue.

For long term analysis, GBPUSD is in consolidation of uptrend from 1.4230 (2010 low). Range trading between 1.5781 and 1.6745 is expected in next several weeks.

gbpusd daily chart
gbpusd weekly chart