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GBPUSD broke above price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 16, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD broke above the falling price channel on daily chart and is facing 1.5522 key resistance. Minor consolidation would more likely be seen next week before breaking above this level and the trading range would be within 1.4940-1.5470. However, another rise towards 1.5522 key resistance is still possible after consolidation, and a break above this level will indicate that the long term downtrend from from 1.7042 has completed at 1.4230 already, then the following uptrend could bring price to 1.8000 area.

    For long term analysis, GBPUSD might be forming a cycle bottom at 1.4230 level on weekly chart. Key resistance is at 1.5522, a break above this level is needed to confirm the cycle bottom.


    Weekly Forex Analysis

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