GBPUSD rebounded from 1.7445 and is now in consolidation to down trend. Initial resistance is at 1.8130 and followed by 1.8480. As long as 1.8480 resistance holds, we’d expect down trend to resume and deeper decline is expected to 1.7000 zone after consolidation. However, above 1.8480 will indicate that down trend from 2.1161 (Nov 9, 2007 high) has completed, and further rebound could be seen to 1.9500 zone.
For long term analysis, GBPUSD is in long term bearish movement. Further fall could be seen to 1.6500-1.7000 area in next several weeks.
