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GBPUSD failed to test 1.6618 resistance

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June 25th, 2009, 2:46 am | By forexcycle | Published in Daily Technical | Comments on this post

GBPUSD failed to test 1.6618 resistance and is back to range trading between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. If 1.6187 support gives way, deeper decline is expected to re-test 1.5801 support.

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forexcycle Forex Cycle. See more Forex Analysis from forex cycle.

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