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GBPUSD broke above 1.6277 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 28, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD broke above 1.6277 resistance, suggesting that a cycle bottom has been formed at 1.6030 level on 4-hour chart, and the longer term uptrend from 1.5344 (Dec 28, 2010 low) has resumed. Further rise towards 1.6500 area would likely be seen in a couple of days. Support is at 1.6215, as long as this level holds, uptrend from 1.6030 could be expected to continue.

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