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GBPUSD's downtrend from 1.7042 extended further to as low as 1.6113 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 4, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD's downtrend from 1.7042 extended further to as low as 1.6113 level. Deeper decline is still possible next week and target is to test 1.5801 key support, below this level will indicate that the uptrend from 1.3503 has completed at 1.7042 already. Key resistance is located at 1.6663, only break above this level will suggest that the uptrend from 1.3503 has resumed, then further rally could be seen to 1.7500 zone.

    For long term analysis, GBPUSD might be forming a cycle top at 1.7042 level on weekly chart. Key support is located at 1.5801, below this level will confirm the cycle top.

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