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GBPUSD broke above the upper border of the price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 30, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD broke above the upper border of the price channel, suggesting that a short term cycle bottom is being formed at 1.6153 level on 4-hour chart. Range trading between 1.6153 and 1.6500 is expected in a couple of days. However the price action from 1.6153 is treated as consolidation of downtrend from 1.7042, further fall towards 1.6000 is still possible after consolidation, and a break below 1.6153 will signal resumption of downtrend.

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