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GBPUSD stays below the downward trend line

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 5, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.7190, the rise from 1.6809 could be treated as consolidation of the downtrend. Resistance is at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6700 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.6809 already, then further rise to 1.7000 area could be seen.


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