Daily Forex Analysis – Jun 25, 2008

GBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.9791 level on 4-hour chart. The rise from 1.9586 is treated as correction to down trend. As long as 1.9791 resistance holds, we’d expect down trend to resume and deeper decline is still possible to 1.9500 area. Only rise above 1.9791 resistance will turn price back to up trend.