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GBPUSD remains in downtrend from 1.5997

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 4, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD remains in downtrend from 1.5997 and the fall extended to as low as 1.5326. Resistance is at 1.5597, as long as this level holds, downward move is expected to continue and next target would be at 1.5200 area. However, a break above 1.5597 will indicate that a cycle bottom has been formed on daily chart and the fall from 1.5997 has completed at 1.5326 already, then the following upward movement could bring price back to 1.5700-1.5800 area.

    For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several weeks.

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