Long Term Forex Analysis

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GBPUSD is in range trading between 1.5801 and 1.6743
Sat, Jul 11 2009, 08:10 GMT
by Franco Shao
ForexCycle.com
GBPUSD is in range trading between 1.5801 and 1.6743. Moving sideways in this range is expected next week. As long as 1.5801 support holds, the price action in the trading range is treated as consolidation of uptrend from 1.3654, and further rally is possible to 1.7000-1.7500 area after consolidation, however, a break above 1.6743 is needed to confirm the resumption of uptrend. Key support is at 1.5801, below this level will indicate that the uptrend from 1.3654 has completed at 1.6743 level already, then deeper decline could be seen to 1.5500 zone.
For long term analysis, GBPUSD is in correction of the long term downtrend from 2.1161 (2007 high). Rebound to 1.7000-1.7500 area to reach the next cycle top on weekly chart is still possible.

Published on
Sat, Jul 11 2009, 08:12 GMT
Archive
- EURUSD rebounded from 1.4626 level
Published On Sat, Nov 7 2009, 05:12 GMT
- EURUSD pulled back from 1.5062
Published On Sat, Oct 31 2009, 15:13 GMT
- GBPUSD broke above the falling trend line
Published On Sun, Oct 25 2009, 01:09 GMT
- EURUSD broke above 1.4843
Published On Sat, Oct 17 2009, 04:10 GMT
- USDJPY's downtrend from 97.78 extended further to as low as 88.01
Published On Sat, Oct 10 2009, 04:45 GMT
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