GBPUSD Analysis – August 15, 2010

GBPUSD stays above a rising trend line on daily chart and remains in uptrend from 1.4230, and the fall from 1.5997 is treated as consolidator of uptrend. Range trading between 1.5400 and 1.5997 would more likely be seen in a couple of week. As long as 1.5400 support holds, we’d expect uptrend to resume, and another rise towards 1.8000 area is still possible.

For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several weeks.

gbpusd daily chart