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GBPUSD is moving to test 1.6379 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 14, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is moving to test 1.6379 resistance, breaking above this level to reach the next cycle top on 4-hour chart is possible in a couple of days and target would be at 1.6400-1.6500 area. Near term support is at 1.6220, as long as this level holds, the short term uptrend from 1.6033 will continue. However, a break below this level will indicate that the pair is back to range trading between 1.5984 and 1.6379, then lengthier consolidation in the range could be seen to follow.

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