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GBPUSD may be forming a cycle bottom at 1.5326

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 1, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD may be forming a cycle bottom at 1.5326 level on 4-hour chart. Key resistance is at 1.5597, a break above this level will confirm the cycle bottom and indicate that the fall from 1.5997 has completed at 1.5326 already, then the following uptrend could bring price back 1.5700-1.5800 area. However, as long as the pair stays below the downtrend line on 4-hour chart, one more fall to 1.5200 is still possible, and a breakdown below 1.5326 could signal resumption of downtrend.

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