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GBPUSD’s downward movement extends to 1.5429

Discussion in 'Technical Analysis' started by ForexCycle.com, Aug 28, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD’s downward movement from 1.5717 extends to as low as 1.5429. Deeper decline is still possible, and the target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5717 could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), one more rise towards 1.6000 is still possible after consolidation. On the other side, a clear break below the channel support will indicate 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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