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GBPUSD continues to trade in a range between 1.5770 and 1.6125

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 7, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD continues to trade in a range between 1.5770 and 1.6125. As long as 1.6125 resistance holds, the price action from 1.5770 is treated as consolidation of downtrend from 1.6741. Moving sideways in the range is still in favor later today. Another fall below 1.5770 would more likely be seen after consolidation, a break below 1.5770 will indicate that the downtrend has resume, then deeper decline could be seen to 1.5600 zone.

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