GBPUSD Analysis – July 30, 2011

GBPUSD’s upward move extended to as high as 1.6470. Further rise is still possible next week, and next target would be at 1.6600-1.6700 area. Support is now at 1.6260, as long as this level holds, uptrend 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