By: Forex Cycle
GBPUSD is moving to test 1.6379 resistance, breaking above this level to reach the next cycle top on 4-hour chart is possible in a couple of days and target would be at 1.6400-1.6500 area. Near term support is at 1.6220, as long as this level holds, the short term uptrend from 1.6033 will continue. However, a break below this level will indicate that the pair is back to range trading between 1.5984 and 1.6379, then lengthier consolidation in the range could be seen to follow.
GBPUSD is moving to test 1.6379 resistance, breaking above this level to reach the next cycle top on 4-hour chart is possible in a couple of days and target would be at 1.6400-1.6500 area. Near term support is at 1.6220, as long as this level holds, the short term uptrend from 1.6033 will continue. However, a break below this level will indicate that the pair is back to range trading between 1.5984 and 1.6379, then lengthier consolidation in the range could be seen to follow.
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