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GBPUSD failed to break above channel resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, May 28, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD failed to break above the upper line of the price channel on 4-hour chart, suggesting that the pair remains in downtrend from 1.5605, the price action from 1.5014 could be treated as consolidation of the downtrend. Range trading between 1.5014 and 1.5156 would likely be seen in a couple of days. Key resistance is now at 1.5156, as long as this level holds, we’d expect the downtrend to resume, and one more fall to 1.4900 is still possible. On the upside, a break above 1.5156 will indicate that the downtrend from 1.5605 had completed at 1.5014 already, then the following upward move could bring price to 1.5400 – 1.5500 area.


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