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GBPUSD moves sideways in a range between 1.6163 and 1.6309
Monday, September 24, 2012 20:18
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GBPUSD moves sideways in a range between 1.6163 and 1.6309. The price action in the range is likely consolidation of the uptrend from 1.5490 (Aug 2 low). Support is at 1.6163, as long as this level holds, another rise towards 1.6500 could be expected after consolidation, and a break above 1.6309 could signal resumption of the uptrend. On the downside, a breakdown below 1.6163 will indicate that lengthier consolidation of the uptrend is underway, then the pair will find support around 1.6050 area.
