GBPUSD Analysis – February 25, 2012

GBPUSD failed to break below 1.5645 key support and stays in a trading range between 1.5645 and 1.5928. The price action in the trading range is likely consolidation of the uptrend from 1.5236. Further rise to test 1.5928 key resistance could be seen next week, a break above this level will signal resumption of the uptrend, then next target would be at 1.6150 area, only break below 1.5645 could indicate that the uptrend is complete.

For long term analysis, GBPUSD is in downtrend from 1.6745 (Apr 28, 2011 high), further fall towards 1.4500 could be seen over the next several months.

gbpusd daily chart