GBPUSD Analysis – March 13, 2010

GBPUSD is forming a cycle bottom at 1.4784 level on daily chart. Key resistance is at the falling trend line, a clear break above this trend line resistance will confirm the cycle bottom, then further rally could be seen to 1.5500 area. Support is at 1.4784, fall below this level could bring price back to downward movement.

For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.4500 area is expected in next several weeks.

gbpusd daily chart