GBPUSD Analysis. Jan 26, 2008

GBPUSD broke above the down trend line from 2.1161 to 2.0830. Correction to the down trend can be seen next week. However, down trend will resume after correction, and a break below 1.9337 previous low will signal the resumption of the down trend.

For long term analysis, the pair is in long term bearish movement. Further fall towards 1.8000 area to reach the next cycle bottom on weekly chart is expected.

gbpusd daily chart