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

GBPUSD moved sideways in a range

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 6, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Joined:
    Sep 1, 2008
    Messages:
    914
    Likes Received:
    0
    GBPUSD moved sideways in a range between 1.6215 and 1.6343. The price action in the range is treated as consolidation of uptrend from 1.6030. Initial support is at 1.6215, as long as this level holds, uptrend could be expected to resume, and another rise towards 1.6400 is possible. However, a breakdown below 1.6215 will indicate that a cycle top had been formed at 1.6343 level on 4-hour chart, then pullback towards the uptrend line from 1.5751 to 1.6030 could be seen.

    [​IMG]

    Daily Forex Analysis
     
Loading...

Share This Page