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GBPUSD is testing trend line support

Discussion in 'Technical Analysis' started by ForexCycle.com, May 12, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is testing the support of the upward trend line from 1.4831 to 1.5034, a clear break below the trend line support will indicate that the uptrend from 1.4831 (Mar 12 low) had completed at 1.5605 already, then the following downward movement could being price to 1.5000 zone. On the upside, as long as the trend line support holds, the fall from 1.5605 would possibly be consolidation of the uptrend from 1.4831, one more rise towards 1.5800 is still possible after consolidation.

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