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GBPUSD pulls back from 1.6441 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 8, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by the upper border of the falling price channel on 4-hour chart, GBPUSD pulls back from 1.6441 level, suggesting that a short term cycle top is being formed. Key support is now located at 1.6286, a break below this level will confirm the cycle top and indicate that the fall from 1.6441 is resumption of downtrend from 1.7042, then deeper decline could be seen to re-test 1.6113 previous low support.

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