GBPUSD failed to break above trend line resistance
October 30, 2012 3:37 am in Forex Analysis
GBPUSD failed to break above the resistance of the downward trend line from 1.6309 to 1.6178 and pulled back from 1.6143. However, one more rise to re-test the trend line resistance would likely be seen, a break above the trend line resistance will indicate that the fall from 1.6309 had completed at 1.5913 already, then further rise towards 1.6309 previous high could be seen. On the downside, the fall from 1.6143 would possibly be resumption of the downtrend from 1.6309, a breakdown below 1.5913 support could trigger another fall to 1.5800 area.