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GBPUSD might be forming a cycle top at 1.4609

Discussion in 'Technical Analysis' started by ForexCycle.com, May 30, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD might be forming a cycle top at 1.4609 level on 4-hour chart and the fall from 1.4609 could possibly be resumption of downtrend from 1.5522 (Apr 15 high). Another fall to test 1.4230 would more likely be seen later today, a breakdown below this level could signal resumption of downtrend. Resistance is at 1.4609, only rise above this level will indicate that lengthier consolidation is underway.

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