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GBPUSD dropped from 1.6118

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 30, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After touching the downtrend line from 1.6441 to 1.6261, GBPUSD dropped from 1.6118. Now the fall from 1.6118 would possibly be resumption of downtrend from 1.6546. Deeper decline to test 1.5912 previous low support is expected later today, a breakdown below this level will signal resumption of downtrend, then next target would be at 1.5700. Resistance is at 1.6118, only break above this level could indicate that lengthier consolidation of downtrend is underway.

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