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GBPUSD stays within a upward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 6, 2014.

  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 1.5854 (Nov 12, 2013 low). Support is located at the lower line of the channel, as long as the channel support holds, the fall from 1.6593 could be treated as consolidation of the uptrend. Another fall to test the channel support would likely be seen, as long as the channel support holds, the uptrend from 1.5854 could be expected to resume, and one more rise towards 1.7000 is possible. Only a clear break below the channel support could signal completion of the uptrend.

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