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GBPUSD pulls back from 1.7630

Thu, Oct 16 2008, 01:11 GMT
by Franco Shao

ForexCycle.com


GBPUSD pulls back from 1.7630 and formed a short term cycle top on 4-hour chart. Further fall could be seen to test 1.6786 previous low support, a break of this level will signal resumption of down trend, and deeper decline is expected to 1.6000 zone. Initial resistance is located at 1.7630 only rise above this level will signal further rally towards 1.7950-1.8000 area.


GBPUSD 4H Chart


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