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GBPUSD failed to break above the trend line resistance

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 6, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD failed to break above the trend line resistance and dropped from 1.5488. Now the fall from 1.5488 could possibly be resumption of downtrend from 1.5997, another fall towards 1.5200 would more likely be seen, and a breakdown below 1.5326 will signal resumption of downtrend. Resistance remains at the falling trend line (now at 1.5495), only a clear break above the trend line resistance will suggest that the downward movement from 1.5997 is complete.

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