GBPUSD consolidated above 1.5829

Franco Shao from ForexCycle.com at 02/04/10

GBPUSD has consolidated above 1.5829 support for several days. Lengthier consolidation is still possible later today. However, a break down below 1.5829 key support will indicate that the downtrend from 1.6456 has resumed, then deeper decline could be seen to 1.5500 area. Resistance is now at 1.6068, only rise above this level could take price back to 1.6200 area.