Short Term Analysis – Jan 9, 2008

GBPUSD is testing the support at 1.9652 (Aug 17, 2007 low). Further fall towards 1.9300 area is still in favor. Near term resistance is at the down trend line from 2.1161 to 2.0830, and as long as the trend line resistance holds, we’d expect down trend to continue.

For long term analysis, the pair formed a long term cycle top at 2.1161 on weekly chart. Further fall towards 1.8000 area is expected.

More long term forex analysis.

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