GBPUSD Is Testing Long Term Trend Line Resistance

Franco Shao ForexCycle.com

GBPUSD is testing a long term resistance trend line on its weekly chart. A clear break above the trend line resistance could see price rise towards next resistance level at 1.3950. This level would be the final destination of the bullish movement from the October 2016 low of 1.1946. Near term support level is at 1.3360. A breakdown below this level could see a reversal pullback towards the bullish support trend line on the daily chart. A clear break below this trend line could confirm that the whole upside movement from 1.1946 is complete.

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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