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GBPUSD is facing channel support

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 1, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is facing the support of the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5717 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), one more rise towards 1.6000 is still possible after consolidation. Initial resistance is at 1.5560, a break above this level will signal completion of the downward movement from 1.5717, then further rise to test 1.5717 resistance could be seen. On the downside, as long as 1.5560 resistance holds, another fall to test the support of the channel is possible, a clear break below the channel support will suggest that the uptrend from 1.4813 had completed at 1.5717 already, then the following downward movement could bring price to 1.5000 zone.

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