Deutsche Bank analysts assume that GBPUSD will continue its downtrend until the end of 2011. It is expected to reach $1.5100.
The British Pound will remain under pressure while investors will be anticipating another round of QE. However, the analysts forecast that in late 2012 GBPUSD will hit the level 1.5600 after spending most of the year consolidating around 1.4800.
According to the Department of Masterforex-V trading system , GBPUSD keeps forming a downswing – wave C(C )/ shortened C. The closest levels of support are located at 1,5329 (the local low) and 1,5188/81, 1,5120,1,5025 – Fibo levels. The downtrend will be reversed when there is an upswing –wave A – breaking above the MF sloping channel and pivot around 1,5657 (as shown below):
