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GBPUSD rebounds from 1.6275

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 18, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD rebounds from 1.6275 and the rise extends to as high as 1.6592 level. Further rally to test 1.6663 previous high resistance is still possible later today. As long as this level holds, we’d expect downtrend to resume and deeper decline to 1.6000 zone is possible. However a break above 1.6663 level will indicate that the downtrend from 1.7042 has completed, then the following uptrend could take price back to re-test 1.7042 resistance.


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