1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

GBPUSD may be forming a cycle bottom at 1.6058

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 19, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    GBPUSD may be forming a cycle bottom at 1.6058 level on 4-hour chart. Consolidation in a range between 1.5800 and 1.6058 would likely be seen in a couple of days. As long as 1.5800 level holds, uptrend could be expected to resume and one more rise towards 1.6298 (Nov 4, 2010 high) is still possible and a break above 1.6058 could signal resumption of uptrend.

    [​IMG]

    Daily Forex Forecast
     
Loading...

Share This Page