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GBPUSD continues its bearish move

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 7, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD continues its downward movement from 1.5997 and the fall extended to as low as 1.5296 level. Key resistance is now at 1.5488, as long as this level holds, downtrend is expected to continue and next target would be at 1.5200 area. However, a break above 1.5488 key resistance will indicate that the downtrend from 1.5997 has terminated, then the following upward move could bring price to 1.5600-1.5700 area.


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