GBPUSD is testing 1.6692 resistance

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

 

GBPUSD is testing 1.6692 resistance, above this level will face 1.6741 critical resistance, a break of this level will indicate that the longer term downtrend from 1.7042 (Aug 5 high) has completed at 1.5708 level already, then another rise could be seen to retest 1.7042 resistance. Support levels are 1.6515 and 1.6466, below 1.6466 key support will suggest that a short term cycle top has been formed on 4-hour chart, then another fall towards 1.6000 could be seen.