GBPUSD Analysis – Jun 22, 2008

GBPUSD is testing 1.9800 resistance, a break of this level will signal resumption of up trend, and then further rise to 2.0300 area to reach next cycle top could be seen in a couple of weeks. However below 1.9337 (Jan 22 low) could indicate that consolidation from 1.9337 has completed and long term down trend has resume.

For long term analysis, the pair formed a long term cycle bottom at 1.9337 (Jan 22 low), the rise from 1.9363 could possibly be resumption of the long term up trend, and rebound to 2.0500 area to reach the next cycle top on weekly chart is in favor.

gbpusd daily chart