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GBPUSD remains in downtrend from 1.6298

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

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD remains in downtrend from 1.6298, the bounce from 1.5484 is treated as consolidation of downtrend. Resistance is at 1.5900, as long as this level holds, downtrend could be expected to continue. However, a break above 1.5900 will suggest that a cycle bottom had being formed at 1.5484 on daily chart, and the fall from 1.6298 had completed, then another rise towards 1.6298 could be seen.

    For long term analysis, GBPUSD is forming a cycle top at 1.6298 level on weekly chart, key support is at 1.5296, a breakdown below this level will confirm the cycle top.


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