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GBPUSD stays in a trading range between 1.5894 and 1.6259

Discussion in 'Technical Analysis' started by ForexCycle.com, Oct 29, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD stays in a trading range between 1.5894 and 1.6259. As long as 1.5894 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6600 is still possible after consolidation. On the downside, a breakdown below 1.5894 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.

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