GBPUSD Analysis – Sep 10, 2008

GBPUSD remains in down trend, and the fall from 2.0158 extends to as low as 1.7471 level. A cycle top has been formed at 1.7974 on and further fall is still in favor in a couple of weeks, target would be at 1.7000 zone. Initial resistance is still from the down trend line on daily chart, only break above the 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