GBPUSD Analysis – January 8, 2012

GBPUSD traded sideways in a range between 1.5362 and 1.5779 for several weeks. The price action in the range is likely consolidation of downtrend from 1.6164, and another fall to re-test 1.5272 support would likely be seen after consolidation.

For long term analysis, GBPUSD had formed a cycle bottom at 1.5272 on weekly chart. Range trading between 1.5272 and 1.6745 is expected.

gbpusd daily chart