GBPUSD Analysis – Aug 30, 2008

GBPUSD’s down trend from 2.0158 extends further to as low as 1.8173 level. Deeper decline is still possible to 1.8000 next week. Key resistance is located at 1.8794, a break of this level level will indicate that the down trend from 2.0158 has completed, and then rebound towards 1.9400 is expected to follow.

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