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GBPUSD remains in downtrend from 1.5016

GBPUSD remains in downtrend from 1.5016, the rise from 1.1946 is likely consolidation of the downtrend. Range trading between 1.1946 and 1.2700 is possible over the next several weeks. Resistance is at 1.2700, as long as this level holds, the downtrend could be expected to resume, and further decline to 1.1500 area is still possible. On the upside, a break of 1.2700 resistance will indicate that the downtrend had completed at 1.1946 already, then the following upward movement could bring price to 1.4000 zone.

gbpusd chart

By ForexCycle.com

 

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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