GBPUSD Analysis – Nov 8, 2008

GBPUSD is forming a sideways consolidation in a range between 1.5269 and 1.6671. As long as 1.6671 resistance holds, we’d expect downtrend to resume and deeper decline towards 1.4500 zone is still possible after consolidation.

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