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GBPUSD remains in short term downtrend from 1.6668

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 29, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD remains in short term downtrend from 1.6668, the rise from 1.6474 is treated as correction of the downtrend. Another fall towards the bottom of the price channel on 4-hour chart would likely be seen after correction. On the upside, the fall from 1.6668 would possibly be consolidation of the longer term uptrend from 1.5854 (Nov 12, 2013 low), as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.7000 is still possible.

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