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GBPUSD pulls back from 1.5717

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 22, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.5751 (Jun 17 high) resistance, GBPUSD pulls back from 1.5717, suggesting that consolidation of the uptrend from 1.5102 is underway. Deeper decline would likely be seen in a couple of days, and the target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.6000 is still possible. On the downside, a clear break below the channel support will suggest that the uptrend from 1.5102 had completed at 1.5717 already, then the following downward movement could bring price to 1.5400 zone.


    Provided by ForexCycle.com

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