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GBPUSD moves sideways

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 29, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    GBPUSD moves sideways in a range between 1.5719 and 1.5894. The price action in the trading range is treated as consolidation of uptrend from 1.5296. Support is at the lower border of the rising price channel, now at 1.5690, uptrend is expected to resume after touching the channel support. However, a clear break below the lower border will indicate that the uptrend from 1.5296 has completed at 1.5894 already, then the following downward move could bring price to re-test 1.5296 previous low support.


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