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GBPUSD’s fall extended to 1.5936

Discussion in 'Technical Analysis' started by ForexCycle.com, Mar 28, 2011.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD’s fall from 1.6400 extended further to as low as 1.5936. Resistance is at 1.6045, as long as this level holds, downtrend from 1.6400 could be expected to continue, and next target would be at 1.5800-1.5900 area. However, a break above 1.6045 will indicate that a cycle bottom is being formed on 4-hour chart, then another rise towards 1.6400 previous high could be seen.

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