GBPUSD Analysis. Feb 6, 2008

GBPUSD is in consolidation to the down trend. Further pullback towards 1.9337 previous low could still be seen in the next several days. Near term resistance is at 1.9957, as long as this resistance holds, we’d expected down trend to continue and further fall below 1.9337 is still possible.

For long term analysis, the pair is in long term bearish movement. Further fall towards 1.8000 area to reach the next cycle bottom on weekly chart is expected.

gbpusd daily chart