GBPUSD Analysis – Jun 28, 2008

GBPUSD broke above 1.9852 resistance and reached as high as 1.9952 level. Further rise to 2.0200 area could be seen in a couple of weeks. Initial support is at 1.9650, only break down below this level will signal reversal to up trend.

For long term analysis, the pair formed a long term cycle bottom at 1.9337 (Jan 22 low). Rebound to 2.0500 area to reach the next cycle top on weekly chart is in favor.

gbpusd daily chart