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GBPUSD fails to break below 1.5894

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 5, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD fails to break below 1.5894 and rebounds from 1.5903, suggesting that lengthier sideways movement in the trading range between 1.5894 and 1.6259 is underway. Another rise to re-test 1.6259 resistance would likely be seen, a break above this level will signal resumption of the longer term uptrend from 1.4813 (Jul 9 low), then the target would be at 1.6500 area. On the downside, a breakdown below 1.5894 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.


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