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GBPUSD traded in a range between 1.5962 and 1.6343

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 11, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    GBPUSD traded in a range between 1.5962 and 1.6343 for several weeks. The price action in the range is treated as consolidation of uptrend from 1.5344. As long as 1.5962 key support holds, uptrend could be expected to resumed, and another rise towards 1.7000 is still possible after consolidation. However, a breakdown below 1.5962 key support will indicate that the rise from 1.5344 had completed at 1.6343 already, then the following downward move could bring price back to 1.5500 area.

    For long term analysis, GBPUSD is in uptrend from 1.4230, as long as 1.5296 key support holds, one more rise towards 1.8000 is still possible.


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