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GBPUSD broke above 1.5382

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 10, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD broke above 1.5382 key resistance, suggesting that the downtrend from 1.6875 has completed at 1.4784 already. Further rally would more likely be seen in next several weeks, and target would be at the upper border of the price channel. Support is at 1.4784, only fall below this level could take price back to downward movement.

    For long term analysis, GBPUSD is in bearish movement from 1.7042. Move to 1.4500 area is expected in next several weeks.

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    Written by ForexCycle.com
     
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