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GBPUSD breaks below trend line support

Discussion in 'Technical Analysis' started by ForexCycle.com, May 13, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD breaks below the support of the upward trend line from 1.4831 to 1.5034, suggesting that the uptrend from 1.4831 (Mar 12 low) had completed at 1.5605 already. The pair is now in downtrend from 1.5605. Further decline would likely be seen over the next several days, and next target would be at 1.5150 area. Resistance is at 1.5450, only break above this level could trigger another rise towards 1.5800.

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