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GBPUSD rebounded from 1.5535

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 16, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being supported by the rising trend line from 1.4346 (Jun 8 low) to 1.5124, GBPUSD rebounded from 1.5535 level. Now the pair is forming a cycle bottom at 1.5535 level on 4-hour chart, key resistance is at 1.5712, a break above this level will confirm the cycle bottom, then another rise towards 1.5997 could be seen. Support is now at 1.5535, only break below this level could indicate that the downtrend 1.5997 has resumed, then deeper decline could be seen to 1.5400 area.

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