GBPUSD Analysis – May 1, 2010

GBPUSD remains in consolidation of long term downtrend from 1.7042 (Aug 5, 2009 high). One more rise to the upper border of the falling price channel to reach next cycle top on daily chart is expected in a couple of weeks. Support is now at the lower border of the rising price channel now at 1.4980, only a clear break below this level could indicate that the downtrend from 1.7042 has resumed.

For long term analysis, GBPUSD is in bearish movement from 1.7042. Fall to 1.4500 area is expected in next several weeks.

gbpusd daily chart