GBPUSD’s rebound from 1.5770 extended further to as high as 1.6125 level, subsequent pullback could possibly be resumption of downtrend from 1.6741. Deeper decline to re-test 1.5770 previous low support is now in favor, a breakdown below this level will confirm the downside continuation, then further fall could be seen to 1.5600 area. Near term resistance remains at 1.6150, only rise above this level will indicate that the fall from 1.6741 has completed at 1.5770 level already, then the following uptrend will take price to 1.6400 zone.
Former support held as resistance (1.6111). I wrote yesterday to “watch for resistance at the top of a potential channel as well (drawn a line across recent lows and extend a parallel from the 9/23 high in order to construct this line).” That line held and the GBPUSD remains on a path lower.
Former support is now potential resistance in the 1.6110/65 zone (1.6050 is also potential resistance). Watch for resistance at the top of a potential channel as well (drawn a line across recent lows and extend a parallel from the 9/23 high in order to construct this line).
GBPUSD remains in short term downtrend from 1.6467 and the rise from 1.5770 is more likely consolidation of downtrend. Further fall is still possible after consolidation and next target would be at 1.5600 zone. Initial resistance is now at 1.6050, as long as this level holds, downtrend will continue.
The GBPUSD nearly reached 1.5750 last night. Former support is now potential resistance at 1.5915, 1.5980, and 1.6020. An extended decline could reach 1.5284 (161.8% extension of 1.7047-1.6111).
GBPUSD drops sharply below 1.5801 (June 8 low) support and reaches as low as 1.5770 so far. Deeper decline is still possible to 1.5500-1.5650 area later today. Near term resistance is at 1.5920 followed by 1.6050, as long as these levels hold, downtrend will continue.
Having broken neckline support, the next levels of interest in the GBPUSD are 1.5800 and 1.5728. Former resistance is now potential support in the 1.6110/30 zone. The underside of the neckline is also resistance going forward.
GBPUSD broke below 1.6113 key support, suggesting that the uptrend from 1.3503 has completed at 1.7042 already. Deeper decline is now in favor and next target would be at 1.5300 zone. Near term resistance is now at the falling trend line from 1.7042 to 1.6741, as long as the trend line resistance holds, we'd expect downtrend to continue.
For long term analysis, GBPUSD broke below 1.6113 key support, suggesting that a cycle top has been formed at 1.6042 level on weekly chart. Further fall to 1.5000 is expected in next several weeks.
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GBPUSD formed a short term cycle top at 1.6467 level on 4-hour chart and drops sharply to as low as 1.5916 so far. The pair is now in downtrend from 1.6467, deeper decline to 1.5600 is possible in next several days. Near term resistance is at 1.6100, as long as this level holds, we’d expect downtrend to continue.
The neckline held Monday and is being tested again. Closing below the line would expose former resistance at 1.5740. 1.6260 and 1.6315 are short term resistance levels. Risk on shorts can be moved to 1.6475.
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