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GBPUSD broke below 1.5191 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 28, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD broke below 1.5191 key support, suggesting that a cycle top has been formed at 1.5497 level on 4-hour chart, and the bounce from 1.4798 has completed at 1.5522 already. Deeper decline is expected later today and target would be at the lower border of the price channel. Resistance is now at 1.5240, as long as this level holds, downtrend from 1.5497 could be expected to continue.


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