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GBPUSD stays in a rising price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 11, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD stays in a rising price channel and remains in uptrend from 1.5296. The price action from 1.6017 is more likely consolidation of uptrend. As long as the channel support (now at 1.5850) holds, we’d expect uptrend to resume, and another rise towards 1.6100 is still possible. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.5669 key support could be seen.


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