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GBPUSD broke above trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, May 25, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD broke above the trend line from 1.6516 to 1.6302, suggesting that a cycle bottom had been formed at 1.6059 on 4-hour chart. Now the pair is facing 1.6302 resistance, a break above this level will confirm that the downward move from 1.6745 had completed at 1.6059 already, then the following upward movement could bring price back to 1.6400-1.6500 area. However, as long as 1.6302 resistance holds, the bounce from 1.6059 is treated as consolidation of downtrend, and another fall to 1.6000 is still possible.


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