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GBPUSD has formed a cycle top at 1.5053

Discussion in 'Technical Analysis' started by ForexCycle.com, May 13, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD has formed a cycle top at 1.5053 level on 4-hour chart. Now the fall from 1.5053 could possibly be resumption of downtrend from 1.5522. Deeper decline to re-test 1.4475 previous low support is possible later today, a break below this level could confirm that the downtrend has resumed, then next target would be at 1.4300 area. Resistance is at the falling trend line, as long as the trend line resistance holds, downtrend will continue.

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