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GBPUSD is forming a cycle top at 1.5128

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 30, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is forming a cycle top at 1.5128 level on 4-hour chart. Key support s now at the lower border of the rising price channel, now at 1.4910, a clear break below the channel support will confirm the cycle top and indicate that the uptrend from 1.4346 is complete, then the following downtrend could bring price back towards 1.4230 previous low. However, as long as the channel support holds, uptrend is expected to continue and one more rise to 1.5400 is still possible.

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