GBPUSD Analysis – April 21, 2012

GBPUSD breaks above 1.6062 previous high and reaches as high as 1.6148. Further rise could be expected next week, and next target would be at 1.6300 area. Support is now located on the upward trend line on daily chart, as long as the trend line support holds uptrend from 1.5236 will continue.

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

gbpusd daily chart