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GBPUSD is moving to test 1.6187 support

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 5, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD is moving to test 1.6187 support, a break below this level will signal deeper decline to 1.5950-1.6000 area. However, rebound could possibly be seen before breaking below 1.6187 level. Near term resistance is at 1.6370, and key resistance is located at 1.6430, rise above this level will indicate that a short term cycle bottom has been formed on 4-hour chart, then the following rebounds will take price to 1.6550 zone.


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