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GBPUSD Analysis - August 4, 2012 |
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Forex Market Analysis |
Written by ForexCycle.com |
Saturday, 04 August 2012 06:05 GMT
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GBPUSD stays in a trading range between 1.5393 and 1.5776. The price action in the range is likely consolidation of the uptrend from 1.5268, another rise is expected after consolidation, and a break above 1.5776 could signal resumption of the uptrend.
For long term analysis, GBPUSD has formed a cycle top at 1.6301 on weekly chart. Further decline to 1.4500 area is expected over the next several weeks.
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