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GBPUSD broke below 1.6113 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 26, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD broke below 1.6113 key support, suggesting that the uptrend from 1.3503 has completed at 1.7042 already. Deeper decline is now in favor and next target would be at 1.5300 zone. Near term resistance is now at the falling trend line from 1.7042 to 1.6741, as long as the trend line resistance holds, we'd expect downtrend to continue.

    For long term analysis, GBPUSD broke below 1.6113 key support, suggesting that a cycle top has been formed at 1.6042 level on weekly chart. Further fall to 1.5000 is expected in next several weeks.

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