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GBPUSD rebounded from 1.6078

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 20, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.6059 support, GBPUSD rebounded from 1.6078, and formed a cycle bottom on 4-hour chart. Range trading between 1.6078 and 1.6250 is expected in a couple of days. Key resistance is at downtrend line from 1.6546 to 1.6441, as long as the trend line resistance holds, one more fall to re-test 1.6059 support is still possible. However, a clear break above the trend line will indicate that the fall from 1.6546 had completed at 1.6078 already, then another rise towards 1.6745 previous high could be seen.

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