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GBPUSD broke above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 10, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    GBPUSD broke above the upper line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.6339 is underway. Range trading between 1.5630 and 1.5900 would likely be seen in a couple of days. Key resistance is at 1.5900, as long as this level holds, the downtrend could be expected to resume, and another fall to 1.5500 area is still possible. However, a break above 1.5900 resistance will indicate that the downward movement from 1.6339 had completed at 1.5630 already, then the following upward move could bring price back to 1.6500 zone.


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