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GBPUSD rebounded from 1.5977

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 13, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.5962 support, GBPUSD rebounded from 1.5977, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise would likely be seen later today, and next target would be at 1.6150 area. Key support is at 1.5962, a breakdown below this level will indicate that the longer term uptrend from 1.5344 (Dec 28, 2010 low) had completed at 1.6343 already, then the following downward movement could bring price to 1.5400 zone.

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