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GBPUSD formed a cycle bottom at 1.5484

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 2, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD has formed a cycle bottom at 1.5484 level on 4-hour chart. Now the price action from 1.5484 is treated as consolidation of downtrend. Bounce towards the upper border of the price channel would likely be seen in a couple of days. As long as the channel resistance holds, downtrend is expected to resume and another fall to 1.5300-1.5400 area is still possible.

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