GBPUSD Analysis – March 20, 2010

GBPUSD broke above the falling trend line, suggesting that a cycle bottom has been formed at 1.4784 level on daily chart. However, another cycle top is nearing, a break below 1.4784 previous low will indicate that a cycle top has been formed at 1.5382, then another fall towards 1.4500 could be seen to follow.

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