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GBPUSD is facing trend line resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 29, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is facing the resistance of the downtrend line from 1.6441 to 1.6261, a clear break above the trend line resistance will indicate that a cycle bottom had been formed at 1.5912, then lengthier consolidation of downtrend from 1.6546 could be seen. On the other side, downtrend could be expected to resume after touching the trend line resistance, and another fall towards 1.5500 could be seen after breaking below 1.6000 level.

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