GBPUSD Analysis – Jan 24, 2009

GBPUSD is in downtrend and the fall from 1.5372 extends to 1.3503 level. Deeper decline is still possible next week. The next target would be around 1.3000 area. Initial resistance is now at 1.4025 and key resistance is at 1.4350, only rise above 1.4350 will indicate that the fall from 1.5372 has completed.

For long term analysis, GBPUSD remains in long term bearish movement. Further fall towards 1.3000 to reach the next cycle bottom on weekly chart is now in favor.

gbpusd daily chart