GBPUSD Analysis – Sep 24, 2008

GBPUSD broke above 1.8480 key resistance, suggesting that the down trend from 2.1161 (Nov 9, 2007 high) has completed, and the rise from 1.7445 is now treated as resumption of up trend. Further rise towards 1.9100 zone is still possible in next several days. Initial support is located at 1.8100, as long as this level holds, we’d expect up trend to continue.

For long term analysis, GBPUSD broke above 1.8480 key resistance and formed a cycle bottom at 1.7445 on weekly chart. Rise towards 2.000 zone is expected in a couple of months.

gbpusd daily chart

gbpusd weekly chart