GBPUSD Analysis – October 20, 2012

GBPUSD remains in uptrend from 1.5268, the fall from 1.6309 is treated as consolidation of the uptrend. Lengthier consolidation of the uptrend could be expected, and deeper decline to1.5800-1.5900 area would likely be seen next week.

For long term analysis, GBPUSD formed a sideways consolidation in a range between 1.5236 (Jan 13 low) and 1.6745 (Apr 28, 2011 high). Further rise to test 1.6745 resistance would likely be seen over the next several weeks.

gbpusd daily chart