GBPUSD Analysis – September 24, 2011

GBPUSD remains in downtrend from 1.6617, and the fall extended to as low as 1.5327. Further fall could be expected next week, and next target would be at 1.5000 area. Resistance is at 1.5600, as long as this level holds, downtrend will continue.

For long term analysis, GBPUSD is in downtrend from 1.6745. Deeper decline to 1.4500-1.5000 area is expected in next several months.

gbpusd daily chart