GBPUSD broke above 1.6647 resistance

Franco Shao from ForexCycle.com at 11/26/09

 

GBPUSD broke above 1.6647 resistance, suggesting that a short term cycle bottom has been formed at 1.6460 level on 4-hour chart. Another rise towards 1.6875 could be seen in a couple of days. Initial support is at 1.6635 as long as this level holds, uptrend from 1.6460 is expected to continue. Key support is located at the lower border of the rising price channel, only fall below the channel support could take price back to 1.6300-1.6350 area.