GBPUSD Analysis – April 7, 2012

GBPUSD may be forming a cycle top at 1.6062 on daily chart. Further decline test test 1.5602 support would likely be seen next week, a breakdown below this level will confirm that the uptrend from 1.5236 has completed. Resistance is at 1.6062, only break above this level could trigger another rise towards 1.6300.

For long term analysis, GBPUSD is in consolidation of the downtrend from 1.6745 (Apr 28, 2011 high). Another fall towards 1.4500 could be expected after consolidation.

gbpusd daily chart