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GBPUSD's downward movement extended to 1.6508

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 19, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD's downward movement form 1.6785 extended to as low as 1.6508. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.6450 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend from 1.6785 is complete, then the following upward movement could bring price to 1.7000 zone.

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