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GBPUSD is in consolidation of the uptrend from 1.4813

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 26, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD is in consolidation of the uptrend from 1.4813 (July 9 low). Deeper decline to 1.5700 area to complete the consolidation is possible. Key support is at 1.5700, as long as this level holds, the uptrend could be expected to resume, and one more rise towards 1.6500 is still possible after consolidation. Resistance is at 1.6162, a break above this level could signal resumption of the uptrend. On the downside, a breakdown below 1.5700 support will indicate that the uptrend from 1.4813 had completed at 1.6162 already, then the following downward movement could bring price to 1.4500 zone.

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