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GBPUSD broke below price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 12, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
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    GBPUSD broke below the rising price channel on 4-hour chart and reached as low as 1.4948 level, suggesting lengthier consolidation of uptrend from 1.4346 is underway. Rang trading between 1.4873 and 1.5240 is expected in a couple of days. As long as 1.4873 support holds, price action from 1.5240 is treated as consolidation of uptrend and one more rise towards 1.5522 (Apr 15 high) is still possible.


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    #1 ForexCycle.com, Jul 12, 2010
    Last edited: Jul 12, 2010

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