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GBPUSD breaks below 1.4784 previous low

Discussion in 'Technical Analysis' started by ForexCycle.com, May 8, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD breaks below 1.4784 previous low and reaches as low as 1.4475, suggesting that the downtrend from 1.7042 has resumed. Deeper decline is still possible next week and next target would be at 1.4200 area. Key resistance is now at 1.5050, above this level could indicate that a cycle bottom has been formed at 1.4475 level on daily chart, then another rise towards the upper border of the price channel could be seen.

    For long term analysis, GBPUSD is in bearish movement from 1.7042. Fall to 1.4000 area to reach next cycle bottom on weekly chart is expected in next several weeks.

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