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GBPUSD’s rise extends to 1.5875

Discussion in 'Technical Analysis' started by ForexCycle.com, Jan 31, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    GBPUSD’s rise from 1.5674 extends to as high as 1.5875. The pair is now facing 1.5900 key resistance, a break above this level will indicate that the downtrend from 1.6339 has completed, then another rise towards 1.6500 could be seen. However, as long as 1.5900 resistance holds, the rise from 1.5674 would possibly be consolidation of the downtrend, and another fall to 1.5500 to complete the downward movement is still possible.

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