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GBPUSD has reached lower boundary of price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 11, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD has reached the lower boundary of the rising price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5240 is treated as consolidation of uptrend from 1.4346, and another rise to 1.5400 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline towards 1.4873 key support could be seen.


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