GBPUSD Analysis – Dec 30, 2008

GBPUSD breaks below 1.4466 previous low support, suggesting that the long term down trend has resumed. Deeper decline could be seen to 1.4000 zone in next several days. Long term key resistance is now located at 1.5722, only rise above this level will indicate that the down trend from 2.0158 has completed.

For long term analysis, GBPUSD breaks below 1.4466 level and is back to long term down trend. Further fall towards 1.4000 to reach the next cycle bottom on weekly chart is now in favor.

gbpusd daily chart

gbpusd weekly chart