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GBPUSD pulls back from 1.6240

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 25, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being contained by 1.6259 resistance, GBPUSD pulls back from 1.6240. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend from 1.5854 could be expected to resume, and another rise to re-test 1.6259 resistance is still possible. On the downside, a clear break below the channel support will indicate that lengthier sideways movement in a trading range between 1.5854 and 1.6259 is underway, then the following downward move could bring price back to test 1.5854 support.


    Provided by ForexCycle.com

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