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Monday, October 5, 2009

GBPUSD Analysis – Oct 5, 2009

Posted by Harmain at 4:08 PM

Being contained by 1.5770 support, GBPUSD rebounded from 1.5921 level last week, suggesting that the pair is back to range trading between 1.5770 and 1.6125. Moving sideways without trend in the range is expected in a couple of days. However, the price action from 1.5770 is more likely consolidation of downtrend from 1.6741, deeper decline towards 1.5600 area is still possible after consolidation.

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