GBPUSD Analysis – Jul 2, 2008

GBPUSD is in up trend. Further rise towards 2.0400 to to reach next cycle top on daily chart is now in favor. Initial support is at 1.9700, as long as this support holds, we’d expect up trend to continue.

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