GBPUSD pulled back sharply from 1.6692

Franco Shao from ForexCycle.com at 10/26/09

 

Being contained by 1.6741 critical resistance, GBPUSD pulled back sharply from 1.6692 last week and reaches 1.6251 so far, suggesting that the uptrend from 1.5708 has completed. Now the fall from 1.6692 is more likely resumption of longer term downtrend from 1.7042 (Aug 5 high), deeper decline is still possible in a couple of days and next target would be at 1.6000 zone.