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GBPUSD remains in uptrend from 1.5854

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 12, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD remains in uptrend from 1.5854 (Nov 12, 2013 low), the price action from 1.6593 could be treated as consolidation of the uptrend. Key support is at 1.6337, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.7000 is still possible. On the downside, a breakdown below 1.6337 support will indicate that the upward movement from 1.5854 had completed at 1.6593 already, then the following downward move could bring price back to 1.6100 zone.

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