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GBPUSD breaks above 1.6060 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 17, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD breaks above 1.6060 resistance, suggesting that the downtrend from 1.6259 has completed. Further rise to test 1.6259 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 1.4813 (Jul 9 low), then the following upward movement could bring price to 1.6600 zone. Key support is now at 1.5894, only break below this level could indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price to 1.4500 area.


    Provided by ForexCycle.com

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