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GBPUSD's downtrend extends to 1.5350

Franco Shao from ForexCycle.com at 02/20/10


GBPUSD's downtrend extends to as low as 1.5350 level. Further fall is still possible next week and next target would be at 1.5150 area. Key resistance is now located at 1.5815, as long as this level holds, downtrend from 1.6456 could be expected to continue. However, a break above 1.5815 will indicate that a cycle bottom has been formed on daily chart and the fall from 1.6456 has completed, then the following bounce could bring price back to test the resistance of the fall trend line from 1.6875 to 1.6456.

For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.5000 area is expected in next several weeks.

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