GBPUSD Analysis – Aug 16, 2008

GBPUSD is in down trend and the fall from 2.0158 extends further to as low as 1.8512 level. Deeper decline towards 1.8200 could still be seen next week. Initial resistance is now at 1.8900, as long as the pair stays below this level, we’d expect down trend to continue.

For long term analysis, GBPUSD formed a cycle top at 2.0158 on weekly chart. Further fall towards 1.8000 to reach next cycle bottom is in favor.

gbpusd daily chart