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GBPUSD rebounded from 1.5669

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 3, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After touching the lower border of the rising price channel on 4-hour chart, GBPUSD rebounded from 1.5669. Range trading between 1.5669 and 1.5921 is expected in a couple of days. As long as 1.5669 support holds, the price action in the trading range is treated as consolidation of uptrend from 1.5296, and another rise towards 1.5997 (Aug 6 high) is possible. However, a breakdown below 1.5669 will indicate that the rise from 1.5296 has completed at 1.5921 already, then the following downward move could bring price back to 1.5200 area.

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