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GBPUSD dropped sharply to as low as 1.5269

Discussion in 'Major Currency Pairs' started by ForexCycle.com, Oct 26, 2008.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD dropped sharply to as low as 1.5269 last week. A short term cycle bottom has been formed. Sideways consolidation is expected in a couple of days. Initial resistance is at the down trend line on 4-hour chart, and key resistance is located at 1.6327 level. As long as 1.6327 level holds, we’d expect down trend to resume, and then deeper decline could be seen to 1.4500 zone.

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