GBP/USD: Current 1.5137 (Sunday, March 7, 2010).
Trend: Correction during downtrend.

Please refer daily charts and not short-term charts e.g. hourly charts.

Last week we had mentioned: “we would expect the currency pair to move down to 1.5080 and then possibly 1.4950 in the coming days/weeks”.  Well, GBP/USD went down as mentioned but went down even further to 147.85 during the previous week
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Analysis: There are not any stronger fundamental forces to direct the movement currently. The pair had touched its lowest level since May, 2009.
The currency pair should remain under downward pressure for some time but we expect GBP/USD to move upwards to 1.5280 or possibly 1.5350 in the coming days before testing a low again. But there are no strong trade configurations and we will not be taking a longer-term position for this currency pair.

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For short term trades, please refer to daily technical analysis for GBP/USD.