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GBPUSD continues its downward movement from 1.6174

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 14, 2012.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD continues its downward movement from 1.6174, and the fall extends to as low as 1.5836. Resistance remains at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.5800 area. On the upside, a clear break above the trend line resistance will indicate that consolidation of the downtrend is underway, then sideways movement could be seen to follow.

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