GBPUSD Analysis – Nov 1, 2008

GBPUSD stays below the down trend line on daily chart and remains in down trend. The rebound from 1.5269 is treated as correction to down trend. As long as the trend line resistance holds, we’d expect down trend to resume and deeper decline could be seen to 1.4500 zone.

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