GBPUSD’s bounce from 1.5751 extended to 1.5989 only, the subsequent fall suggests that lengthier sideways consolidation in a trading range between 1.5751 and 1.6058 is underway. However, as long as 1.5751 support holds, uptrend could be expected to resume and one more rise towards 1.6298 (Nov 4, 2010 high) previous high is still possible. Only break below 1.5751 could indicate that the uptrend from 1.5344 had completed at 1.6058 already, then the following downward move could bring price back to 1.5500 area.
Written by ForexCycle.com
