GBPUSD Analysis – Jul 23, 2008

no changed in our view, GBPUSD is in up trend. The fall from 2.0158 is treated as consolidation to up trend. Near term support is at the uptrend line from 1.9408 to 1.9647, as long as the trend line support holds, we’d expect up trend to resume, and one more rise to test 2.0391 (Mar 14 high) is still possible after consolidation.

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