1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

GBPUSD broke below 1.6040 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 5, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD broke below 1.6040 support, suggesting that a short term cycle top has been formed at 1.6238 level on 4-hour chart. Now the fall from 1.6238 could possibly be resumption of downtrend from 1.6875 (Nov 16 high). Deeper decline towards 1.5708 (Oct 13 low) is now in favor. Key resistance is now located at 1.6238, only break above this level could indicate that the fall from 1.6875 has completed.


    Daily Forex Forecast

Share This Page