GBPUSD Analysis – February 13, 2010

After breaking below 1.6708 support, GBPUSD traded in a narrow range for several days. Deeper decline is still in favor after consolidation and next target would be at 1.5200-1.5300 area. Resistance are at 1.5780 and 1.5950. 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