GBPUSD has reached lower boundary of price channel

By IBTimes Staff Reporter | July 11 2010 8:34 PM

GBPUSD has reached the lower boundary of the rising price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5240 is treated as consolidation of uptrend from 1.4346, and another rise to 1.5400 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline towards 1.4873 key support could be seen.

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