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GBPUSD failed to test 1.6618 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 24, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD failed to test 1.6618 resistance and is back to range trading between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. If 1.6187 support gives way, deeper decline is expected to re-test 1.5801 support.

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