GBPUSD Analysis – Feb 7, 2009

GBPUSD formed a cycle bottom at 1.3503 level on daily chart. Further rise towards 1.5400 area to reach the next cycle top is expected in a couple of weeks. Initial support is located at 1.4050, only fall below this level will indicate that the downtrend from 2.0158 (July 15, 2008 high) has resumed.

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