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Daily Forex Analysis – August 27, 2008

GBPUSD Analysis.
GBPUSD’s down trend remains and the fall from 1.8794 extended to 1.8330 level. As long as 1.8590 resistance holds, we’d expect down trend to continue, and deeper decline is still possible to 1.8200 in a couple of days. However, rise above 1.8590 level will indicate that a short term cycle bottom has been formed at 1.8330, and then further rebound to retest 1.8794 could be seen.

20080827_gbpusd_1

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