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GBPUSD formed a trading range between 1.6251 and 1.6692

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 4, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD formed a trading range between 1.6251 and 1.6692. Moving sideways without trend is still possible in a couple of day and another fall towards 1.6000 would more likely be seen after consolidation. However, a break above 1.6692 will indicate that the longer term downtrend from 1.7042 (Aug 5 high) has completed at 1.5708 level already, then another rise could be seen to retest 1.7042 resistance.

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