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GBPUSD failed to break below 1.6337 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 14, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD failed to break below 1.6337 key support and stayed in the upward price channel on 4-hour chart, suggesting that the pair remains in uptrend from 1.5854 (Nov 12, 2013 low), and the fall from 1.6593 could be treated as consolidation of the uptrend. Further rise to test 1.6593 resistance could be expected, a break above this level could signal resumption of the uptrend. On the downside, a breakdown below 1.6337 key support will indicate that the upward move from 1.5854 had completed at 1.6593 already, then the following downward movement could bring price back to 1.6100 zone.


    Provided by ForexCycle.com

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