GBPUSD Analysis – May 26, 2012

GBPUSD’s downward movement from 1.6301 extends to as low as 1.5630. Further decline would likely be seen next week, and next target would be at 1.5400 area. Resistance is at 1.5750, only break above this level could signal completion of the downtrend.

For long term analysis, GBPUSD has formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.

gbpusd daily chart
gbpusd weekly chart