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GBPUSD is facing trend line support

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 23, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will suggest that the upward movement from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone. On the upside, as long as the trend line support holds, the uptrend could be expected to resume, and one more rise towards 1.5600 is still possible. Resistance is at 1.5335, a break above this level could signal resumption of the uptrend.


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