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GBPUSD breaks below 1.4992 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 8, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD breaks below 1.4992 key support, suggesting that a short term cycle top has been formed at 1.5195 level on 4-hour chart. Deeper decline towards 1.4784 previous low is expected later today, a breakdown below this level will indicate that the downtrend from 1.6456 (Jan 19 high) has resumed, then another fall to 1.4500 area could be seen to follow. Resistance is now at 1.5195, only rise above this level will indicate that the fall from 1.6456 has completed at 1.4784 already.

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