GBPUSD Analysis - June 16, 2012

GBPUSD failed to break below 1.5236 support, and rebounded from 1.5268. Further rise is still possible next week, and next target would be at 1.6000 area. Support is at 1.5450, only break below this level could trigger another fall towards 1.5000.

For long term analysis, GBPUSD has formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.