GBPUSD’s rise extended further to 1.5715

GBPUSD’s rise from 1.5327 extended further to as high as 1.5715. Support is at 1.5500, as long as this level holds, uptrend could be expected to continue and the target would be at 1.5800 area. However, a breakdown below 1.5500 will indicate that a cycle top has been formed at 1.5715 on 4-hour chart and the rise from 1.5327 has completed, then the following downward move could bring price back to test 1.5327 previous low support.


Forex Technical Analysis