GBPUSD Analysis – March 10, 2012

GBPUSD is facing 1.5645 key support, a breakdown below this level will confirm that the upward movement from 1.5236 has completed at 1.5991 already, then the following downward movement could bring price to 1.5000 area. On the upside, as long as 1.5645 level holds, the price action in the trading range between 1.5645 and 1.5991 could be treated as consolidation of the uptrend from 1.5236, and one more rise to 1.6100-1.6200 area is still possible.

For long term analysis, GBPUSD may be forming a cycle top at 1.5991 on weekly chart. Further fall towards 1.4500 could be seen over the next several months.

gbpusd daily chart
gbpusd weekly chart