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GBPUSD consolidated in a narrow range between 1.6187 and 1.6618 for several days

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 22, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.6662 previous high resistance, GBPUSD consolidated in a narrow range between 1.6187 and 1.6618 for several days. Now the pair might be forming a short term cycle top at 1.6560 level on 4-hour chart. Pullback to test 1.6187 key support is in favor. A break down below this level will confirm the cycle top and signal deeper decline to 1.6000 zone. Key resistance is at 1.6662, above this level will suggest that the medium term uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level.

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