GBPUSD Analysis – Feb 1, 2009

GBPUSD is in downtrend, and the rebound from 1.3503 is treated as consolidation of the long term downtrend from 2.0158 (July 15, 2008 high). Key resistance is located at 1.5372, as long as this level holds, we’d expect downtrend to resume, and further fall towards 1.3000 is still possible. However, above 1.5372 level will indicate that the fall form 2.0158 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