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GBPUSD pulled back from 1.6261

Discussion in 'Technical Analysis' started by ForexCycle.com, Feb 21, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    Being contained by 1.6277 resistance, GBPUSD pulled back from 1.6261, suggesting that a cycle top had been formed on 4-hour chart. Deeper decline could be expected in a couple of days and target would be at 1.5900 area. Initial resistance is now at 1.6261, only break above this level could trigger another rise towards 1.6500 zone.

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