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GBPUSD broke below price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 22, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD broke below the lower boundary of the rising price channel on 4-hour chart, suggesting that a cycle top is being formed at 1.4935. Key support is now at 1.4684, a break below this level will confirm the cycle top and indicate that the rise from 1.4346 is complete, then the following downward movement could price price to 1.4450 area. Only rise above 1.4935 could trigger another rise to 1.5000 area.


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