Daily Forex Analysis – August 20, 2008

GBPUSD Analysis.
GBPUSD formed a short term cycle bottom at 1.8512 on 4-hour chart. Further rebound towards 1.8900 level is now in favor, and a break of 1.8722 resistance will confirm such case. As long as 1.8900 level holds, we’d expect down trend to resume, and fall below 1.8512 level will signal deeper decline to 1.8200 level.


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