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GBPUSD dropped sharply from 1.4758

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 13, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.4769 previous high resistance, GBPUSD dropped sharply from 1.4758 last Friday, suggesting that a cycle top is being formed on 4-hour chart. The fall from 1.4758 could possibly be resumption of downtrend. Another fall towards 1.4230 previous low would more likely be seen. Key resistance is at 1.4769, only rise above this level will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.4900 area.

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