GBPUSD rebounded from 1.6460 level

Franco Shao from ForexCycle.com at 11/24/09

 

After a sharp drop from 1.6875, GBPUSD rebounded from 1.6460 level. However, the rise could possibly be consolidation of downtrend, another fall to 1.6300-1.6350 area is still possible after consolidation. Resistance is now at 1.6670 followed by 1.6720, only rise above these levels will indicate that the uptrend from 1.5708 has resumed, then another rise towards 1.6950-1.700 area could be seen to follow.