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GBPUSD may be forming a cycle top at 1.5895

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 27, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD may be forming a cycle top at 1.5895 level on 4-hour chart. Another fall to re-test 1.5649 key support is expected later today, a break below this level will confirm the cycle top, then deeper decline could be seen to 1.5500-1.5550 area. Only break above 1.5649 level could suggest that lengthier correction of downtrend from 1.6105 is underway.

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