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Forex Analysis – May 21, 2008

20080521_gbpusd_1.gifGBPUSD Analysis.
GBPUSD breaks above 1.9633 key resistance, suggesting that the fall from 2.0391 (Mar 14 high) has completed at 1.9363 level. Further rise to 1.9850 area to reach the next short term cycle top is possible in a couple of days. Initial support is at 1.9453 and key support is now located at 1.9363, only break of this level will signal resumption of the down trend.

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