GBPUSD Analysis – September 10, 2011

GBPUSD is facing 1.5781 key support, a breakdown below this level will indicate that the long term uptrend from 1.4230 (2010 low) had completed at 1.6745 already, then the following downward move could bring price to 1.4500 area.

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. However, a breakdown below 1.5781 could bring price back to 1.2000 zone.

gbpusd daily chart