GBPUSD's downtrend extends to 1.5350
Franco Shao from ForexCycle.com at 02/20/10
GBPUSD's downtrend extends to as low as 1.5350 level. Further fall is
still possible next week and next target would be at 1.5150 area. Key
resistance is now located at 1.5815, as long as this level holds,
downtrend from 1.6456 could be expected to continue. However, a break
above 1.5815 will indicate that a cycle bottom has been formed on daily
chart and the fall from 1.6456 has completed, then the following bounce
could bring price back to test the resistance of the fall trend line
from 1.6875 to 1.6456.
For long term analysis, GBPUSD is in bearish movement from 1.7042. Move
to 1.5000 area is expected in next several weeks.