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GBPUSD has formed a cycle top at 1.6516

Discussion in 'Technical Analysis' started by ForexCycle.com, May 11, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD has formed a cycle top at 1.6516 on 4-hour chart. The fall from 1.6516 is now treated as consolidation of downtrend from 1.6745. Another fall would likely be seen later today, and target would be at 1.6150 area. Key resistance is at 1.6516, only break above this level could trigger another rise towards 1.7000.


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