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GBPUSD remains in uptrend from 1.4346

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 16, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD remains in uptrend from 1.4346 and the falling from 1.4854 is treated as consolidation of uptrend. Support is now at the lower boundary of the rising price channel now at 1.4630. As long as the channel support holds, uptrend could be expected to continue and further rise to 1.4900-1.5000 area to reach next cycle top on 4-hour chart is possible. However, a clear break below the channel support will indicate that the rise from 1.4346 has completed at 1.4854 already, then another fall towards 1.4230 previous low could be seen.

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