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GBPUSD breaks below support of price channel

Franco Shao from ForexCycle.com at 11/27/09


GBPUSD breaks below the support of the lower border of the price channel on 4-hour chart, suggesting that the uptrend from 1.5708 (Oct 13 low) has completed at 1.6875 already and another fall towards 1.6300-1.6350 area is on the way. Initial resistance is at 1.6535, as long as this level holds, downtrend from 1.6745 will continue. Key resistance is now located at the falling trend line from 1.6875 to 1.6745, only rise above the trend line resistance could take price back to upwards trend.

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