GBPUSD breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise is still possible later today, and the target would be at 1.6230 area. However, the rise is likely correction of the downtrend from 1.6301, another fall is still possible and next target would be at 1.6000 area. Key resistance is at 1.6301, only break above this level could trigger another rise towards 1.6500.
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009