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GBPUSD stays below a downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 14, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6259. As long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.5800 is still possible. However, as long as 1.5800 key support holds, the fall from 1.6259 would possibly be consolidation of the longer term uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6500 could be expected after the consolidation. Now the pair is facing the trend line resistance, a clear break above the trend line could signal completion of the downward movement from 1.6259, then further rise to test 1.6259 resistance could be seen.


    Provided by ForexCycle.com

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