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GBPUSD’s rebound from 1.5770 extended further to as high as 1.6125 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Sep 30, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD’s rebound from 1.5770 extended further to as high as 1.6125 level, subsequent pullback could possibly be resumption of downtrend from 1.6741. Deeper decline to re-test 1.5770 previous low support is now in favor, a breakdown below this level will confirm the downside continuation, then further fall could be seen to 1.5600 area. Near term resistance remains at 1.6150, only rise above this level will indicate that the fall from 1.6741 has completed at 1.5770 level already, then the following uptrend will take price to 1.6400 zone.

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