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GBPUSD stays in a trading range

Discussion in 'Technical Analysis' started by ForexCycle.com, May 22, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    GBPUSD stays in a trading range between 1.6105 and 1.6302. As long as 1.6302 resistance holds, the price action in the range is treated as consolidation of downtrend from 1.6745, and another fall towards 1.6000 is still possible. On the other side, a break above 1.6302 will indicate that the fall from 1.6745 had completed at 1.6105 already, then the upward movement could bring price back to 1.6400-1.6500 area.


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