GBPUSD Analysis – June 1, 2013

GBPUSD is facing 1.5250 resistance, a break above this level will indicate that the downtrend from 1.5605 had completed at 1.5008 already, then the following upward movement could bring price to 1.6000 zone. On the downside, as long as 1.5250 resistance holds, the rise from 1.5008 could possibly be consolidation of the downtrend from 1.5605, one more fall to test 1.4831 support is still possible.

For long term analysis, GBPUSD is in uptrend from 1.4831. Another rise towards 1.6000 could be expected over the next several weeks.

gbpusd daily chart