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GBPUSD is facing trend line support

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

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the fall from 1.5683 could be treated as consolidation of the uptrend from 1.5008, and one more rise to 1.5800 area is still possible after consolidation. On the downside, a clear break below the trend line support will suggest that the uptrend from 1.5008 had completed at 1.5683 already, then the following downward movement could bring price back to 1.5300 – 1.5400 area.

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