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GBPUSD stays below a falling trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 2, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.5997. As long as the trend line resistance (Now at 1.5525) holds, another fall to 1.5200 is still possible. On the upside, the pair may be forming a cycle bottom at 1.5326, key resistance is at 1.5597, a break above this level will confirm the cycle bottom and indicate that the fall from 1.5997 has completed at 1.5326 already, then the following upward movement could bring price back to 1.5700-1.5800 area.

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