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GBPUSD rebounded from 1.5839

Discussion in 'Technical Analysis' started by ForexCycle.com, Nov 20, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    Being supported by the rising trend line from 1.5296 to 1.5649, GBPUSD rebounded from 1.5839. Now the bounce from 1.5839 is likely resumption of uptrend from 1.5296. Further rise towards 1.6298 previous high is expected next week, a break above this level will confirm the resumption of uptrend, then next target would be at 1.6500 area. However, a break below 1.5839 will indicate that the uptrend from 1.5296 has completed at 1.6298 already, then the following downward move could bring price back to 1.5500 area.

    For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several months.


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