GBPUSD Analysis – Sep 6, 2008

GBPUSD’s down trend remains and the fall from 2.0158 extends further to as low as 1.7537 level. Deeper decline is still possible to 1.7000-1.7200 area in a couple of weeks. Initial resistance is at the down trend line on daily chart, only break above this trend line resistance will signal consolidation to down trend.

For long term analysis, GBPUSD is in long term bearish movement. Further fall could be seen to 1.6500-1.7000 area in next several weeks.

gbpusd daily chart