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GBPUSD is facing 1.5894 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 3, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD is facing 1.5894 support, a breakdown below this level will indicate that the uptrend from 1.4813 (Jul 9 low) had completed at 1.6259 already, then the following downward movement could bring price to 1.4500 area. On the upside, as long as 1.5894 support holds, the price action in the range between 1.5894 and 1.6259 could be treated as consolidation of the uptrend from 1.4813, one more rise towards 1.6500 is still possible. Initial resistance is at 1.6100, a break above this level could trigger another rise to re-test 1.6259 previous high resistance.


    Provided by ForexCycle.com

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