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GBPUSD might be forming a short term cycle top

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 20, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD might be forming a short term cycle top at 1.6592 level on 4-hour chart. Moving lower to test 1.6275 key support is expected in a couple of days, a break below this level will confirm the cycle top and suggest that the downtrend from 1.7042 has resumed, then deeper decline could be seen to 1.6000 zone. Key resistance is located at 1.6663, only rise above this level will indicate that the fall from 1.7042 has completed at 1.6275 level already.

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