GBPUSD Analysis – Oct 8, 2008

GBPUSD breaks below 1.7445 previous low support and reaches as low as 1.7318 level. Deeper decline could be seen to 1.6500 zone in a couple of weeks. Initial resistance is at 1.7836, only break above this level will signal further rally towards 1.8668 level.

For long term analysis, GBPUSD stays in long term bearish movement. The rebound from 1.7445 is now treated as correction to down trend. Deeper decline is expected to 1.6500 zone.

gbpusd daily chart