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GBPUSD stays within a upward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 30, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD stays within a upward price channel on 4-hour chart, and remains in uptrend from 1.4813 (Jul 9 low). As long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.6000 is still possible. Resistance is at 1.5560, a break above this level will indicate that the fall from 1.5717 has completed, then further rise to test 1.5717 resistance could be seen. On the downside, a clear break below the channel support will suggest that the uptrend from 1.4813 had completed at 1.5717 already, then the following downward movement could bring price to 1.5000 zone.

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