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GBPUSD breaks below 1.6375 key support

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 25, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD breaks below 1.6375 key support, suggesting that a short term cycle top has been formed at 1.6623 level on 4-hour chart. Now the fall from 1.6623 is treated as resumption of downtrend. Deeper decline is expected to test 1.6275 previous low support, a break down below this level will signal further fall towards 1.6000 zone. Near term resistance is at 1.6445, as long as this level holds, downtrend from 1.6623 will continue.

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