GBPUSD Analysis – April 6, 2013

GBPUSD broke above the resistance of the downward trend line on daily chart, suggesting that the downtrend from 1.6339 had completed at 1.4831 already. Further rally would likely be seen next week, and next target would be at 1.5600 area. Support is at 1.5000, only break below this level could trigger another fall towards 1.4500.

For long term analysis, GBPUSD may be forming a cycle bottom at 1.4831 on weekly chart. Further rise towards 1.6000 could be expected over the next several weeks.

gbpusd daily chart
gbpusd weekly chart