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GBPUSD is forming a short term cycle top

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 27, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is forming a short term cycle top at 1.6583 level on 4-hour chart. Key support is now at 1.6381, a break below this level will confirm the cycle top, then deeper decline could be seen to test 1.6265 support, below this level will indicate that the uptrend from 1.5984 has completed at 1.6583 already, and further fall could be seen to 1.6100 zone. Near term resistance is at 1.6525 and key resistance is at 1.6583, only rise above 1.6583 level will suggest that the pair is back in uptrend from 1.5984, then further rally is expected to 1.6650 level.

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