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GBPUSD stays above a rising trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 7, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD stays above a rising trend line on 4-hour chart and remains in uptrend from 1.5344 (Dec 28, 2010 low), the fall from 1.6277 treated as consolidation of uptrend. Sideways movement in a range between 1.6000 and 1.6277 would likely be seen in a couple of days, and uptrend could be expected to resume after touching the trend line. However, a clear break below the trend line support will indicate that the uptrend from 1.5344 had completed at 1.6277 already, then the following downward move could bring price to 1.5600 area.

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