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GBPUSD pulled back from 1.6363

Discussion in 'Technical Analysis' started by ForexCycle.com, Apr 6, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.6400 previous high resistance, GBPUSD pulled back from 1.6363, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.6200 and 1.6363 would likely be seen in a couple of days. However, the fall from 1.6363 is treated as consolidation of uptrend from 1.5936, another rise towards 1.6600 is still possible after consolidation.


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