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GBPUSD stays in a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 23, 2014.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.6785, and the fall extended to as low as 1.6473. Resistance is located at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.6400 area. On the upside, a clear break above the channel resistance will indicate that the downward movement from 1.6785 is complete, then the following upward movement could bring price to 1.7000 zone.


    Provided by ForexCycle.com

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