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GBPUSD remains in downtrend from 1.7042

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 29, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD remains in downtrend from 1.7042 and the fall extends to as low as 1.6153. Deeper decline to test 1.5801 key support is expected in next several days, a break below this level will indicate that the uptrend from 1.3503 has completed. Key resistance is locate at 1.6663, only break above this level will suggest that the fall from 1.7042 has completed and uptrend from1.3503 has resumed, then further rally could be seen to 1.7500 zone.

    For long term analysis, GBPUSD might be forming a cycle top at 1.7042 level on weekly chart. Key support is located at 1.5801, below this level will confirm the cycle top.

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