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GBPUSD failed to break above 1.6259 resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 22, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD failed to break above 1.6259 resistance, suggesting that lengthier consolidation of the uptrend from 1.4813 (Jul 9 low) is underway. Range trading between 1.5894 and 1.6259 would likely be seen in a couple of days. However, as long as 1.5894 support holds, the uptrend could be expected to resume, and one more rise towards 1.6500 is still possible after consolidation. On the downside, a breakdown below 1.5894 support will signal completion of the uptrend from 1.4813, then the following downward movement could bring price to 1.4500 zone.

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