GBPUSD remains in downtrend from 1.7042
GBPUSD remains in downtrend from 1.7042 and the fall extends to as low as 1.6153. Deeper decline to test 1.5801 key support is expected in next several days, a break below this level will indicate that the uptrend from 1.3503 has completed. Key resistance is locate at 1.6663, only break above this level will suggest that the fall from 1.7042 has completed and uptrend from1.3503 has resumed, then further rally could be seen to 1.7500 zone. For long term analysis, GBPUSD might be forming a cycle
Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL) After edging higher to 75.0, crude oil retreated sharply to as low as 69.83 last week but managed to recover from there and close above 70 level at 72.86. Initial bias remains neutral this week and some more sideway trading might be seen. As noted before, with near term trend line support (now at 68.00) intact, rise from 58.32 is likely still in progress. Above 75.0 will bring rally resumption to long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2)