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GBPUSD broke below 1.6215 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 7, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD broke below 1.6215 support, suggesting that a cycle top has been formed at 1.6343 level on 4-hour chart. Pullback towards the uptrend line from 1.5751 to 1.6030 would likely be seen in a couple of days. As long as the trend line support holds, the fall from 1.6343 is treated as consolidation of uptrend from 1.5344, and another rise towards 1.6400 is still possible after consolidation.


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