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GBPUSD is testing 1.5894 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 4, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD is testing 1.5894 support, as long as this level holds, the price action from 1.6259 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise to 1.6500 area to complete to upward movement would likely be seen. On the downside, a breakdown below 1.5894 support will suggest that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.


    Provided by ForexCycle.com

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