GBPUSD Failed To Break Below Trend Line Support

Franco Shao ForexCycle.com

The GBPUSD pair failed in it attempt to break below the bullish support trend line on the 4-hour chart and rebounded strongly from 1.3319, suggesting that the pair remains in the uptrend from 1.3039. As long as the price is above the trend line, the price action from 1.3549 could be treated as consolidation of the uptrend. Further rise to test 1.3549 resistance would likely be seen after the consolidation, and a breakout of this level will indicate that the uptrend has resumed, then next target would be at 1.3657 (Sep 20 high). On the downside, a breakdown below 1.3319 support will confirm that the uptrend had completed at 1.3549 already, then deeper decline to next support level at 1.3220 could be seen. Below this level could trigger further downside movement towards 1.3027 (Oct 6 low).

Author

Franco Shao

ForexCycle.com

Franco Shao is founder of ForexCycle.com - a website that focuses on market trend and data analysis of the financial markets, especially for foreign exchange trading. It was established in year 2005. Franco has rich experience in the industry.

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