GBPUSD Analysis – Oct 25, 2008

GBPUSD remains in down trend and drops sharply to as low as 1.5269 level. Further fall could be seen to 1.4500 level in a couple of weeks. Initial resistance is at 1.6150 and followed by 1.6350, and as long as 1.6350 level holds, we’d expect down trend to continue.

For long term analysis, GBPUSD remains in long term bearish movement. Deeper decline to 1.4000 zone to reach the next cycle bottom on weekly chart is expected.

gbpusd daily chart