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GBPUSD had formed a cycle top at 1.5363

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 10, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD had formed a cycle top at 1.5363 on 4-hour chart. Key support is at the upward trend line, as long as the trend line support holds, the price action from 1.5363 could be treated as consolidation of the uptrend from 1.4831, and another rise towards 1.6000 is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.4831 had completed at 1.5363 already, then the following downward movement could bring price to 1.4000 zone.

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