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GBPUSD's bounce extends to 1.4885

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 19, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD's bounce from 1.4230 extends further to as high as 1.4885. Now the pair is facing the upper boundary of the rising price channel. Pullback would more likely be seen next week. Support is now at the lower boundary of the rising price channel now at 1.4425, a clear break below the channel support will indicate that the long term downtrend from 1.7042 (2009 high) has resumed, then another fall to 1.4000 could be seen.

    For long term analysis, GBPUSD is in bearish movement from 1.7042 (Aug 5, 2009 high). Fall to 1.4000 area to reach next cycle bottom on weekly chart is expected in next several weeks.

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