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.

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This entry was posted on Wednesday, August 27th, 2008 at 1:29 and is filed under Short Term Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.