GBPUSD Analysis – Nov 13, 2008

GBPUSD drops below 1.5269 previous low support. Further decline could be seen to 1.4500 zone. Initial resistance is at the down trend line on daily chart, and as long as the trend line resistance 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