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GBPUSD dropped from 1.5195

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 10, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    After touching the upper border of the falling price channel, GBPUSD dropped from 1.5195 and formed a short term cycle top on 4-hour chart. Deeper decline to test 1.4784 support is expected, a breakdown below this level will indicate that the downtrend from 1.6456 (Jan 19 high) has resumed, then another fall could be seen to 1.4500 area. Key resistance is at 1.5195, only rise above this level will indicate that the fall from 1.6456 has completed, then the following uptrend could take price further to 1.5400-1.5500 area.


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