GBPUSD rebounded sharply from 1.5708, suggesting that a short term cycle bottom is being formed on 4-hour chart. Key resistance is located at the falling trend line from 1.6741 to 1.6120, a clear break above the trend line resistance will confirm the cycle bottom, then further rise could be seen to test 1.6125 resistance. Key support is now located at 1.5708, only fall below this level will indicate that the downtrend from 1.6741 has resumed, then the next target could be at 1.5500-1.5550 area.
0 comments on "GBPUSD Analysis – Oct 14, 2009"
Post a Comment