GBPUSD Analysis – Oct 18, 2008

GBPUSD remains in down trend. The rebound from 1.6786 is treated as consolidation to down trend. Further fall is expected towards 1.6500 zone after consolidation, and a break below 1.6786 level will signal resumption of down trend. Initial resistance is at 1.7630 and followed by 1.7730.

For long term analysis, GBPUSD remains in long term bearish movement. Deeper decline to 1.6000 zone to reach the next cycle bottom on weekly chart is expected.

gbpusd daily chart