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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

    Sep 1, 2008
    Likes Received:
    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.


    Provided by ForexCycle.com

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