by Thu, 26 May 2011 04:16:00 +0200
Forex: GBP/USD, downward move from 1.6745 complete – Franco Shao
FXstreet.com (California) - The Cable is showing positive upside strength as it breaks above 1.6302 resistance. GBP/USD has, so far, recorded a session high at 1.6333, a level not seen since May 12, 2011.
“GBPUSD broke above the trend line from 1.6516 to 1.6302, suggesting that a cycle bottom had been formed at 1.6059 on 4-hour chart,” comments Franco Shao at ForexCycle.com.
“A break above [1.6302 resistance] will confirm that the downward move from 1.6745 had completed at 1.6059 already, then the following upward movement could bring price back to 1.6400-1.6500 area,” he adds.
At the time of writing, the Cable is quoted at 1.6320, 50 pips above its opening price.
| Technical Analysis (2011-05-26 01:45 GMT) | |
|---|---|
GBP/USD 1.63273/1.63325 - O: 1.6223 H: 1.6228 L: 1.622 C: 1.6222 | |
| Trend | R3: 1.6405 |
 | R2: 1.6364 |
| R1: 1.6324 | |
| S1: 1.6236 | |
| S2: 1.6277 | |
| S3: 1.6318 | |
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