However, above 1.5069 eill indicate length consolidation of long term down trend is underway, and further rally to retest to 1.5534 resistance could be seen to follow.
Tuesday, December 09, 2008
GBP/USD between 1.4835/1.4885
After testing 1.5069 resistance, GBP/USD pulls back from 1.5048 level, suggesting that a short term cycle top is being formed. Further fall is expected later today, and a break below 1.4466 support will confitm the cycle top and signal resumption of down trend.
However, above 1.5069 eill indicate length consolidation of long term down trend is underway, and further rally to retest to 1.5534 resistance could be seen to follow.
However, above 1.5069 eill indicate length consolidation of long term down trend is underway, and further rally to retest to 1.5534 resistance could be seen to follow.
