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GBPUSD rebounded strongly from 1.5755

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 13, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD rebounded strongly from 1.5755, suggesting that a cycle bottom is being formed on 4-hour chart. Now the rise from 1.5755 is more likely resumption of uptrend from 1.5296, further rise towards 1.6017 is possible later today, a break above this level will confirm that the uptrend has resumed, then next target would be at 1.6200 area. Key support is now at 1.5755, only break below this level will indicate that the uptrend from 1.5296 has completed at 1.6017 already, then the following downward move could bring price back to 1.5200 area.

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