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GBPUSD Weekly Analysis - May 10, 2014

Long Term Forex Analysis | by ForexCycle.com | Saturday, 10 May 2014 14:57 UTC
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.4813 (Jul 9, 2013 low), the fall from 1.6996 could be treated as consolidation of the uptrend. Near term support is located at the bottom of the channel. As long as the channel support holds, the uptrend could be expected to resume, and next target would be at 1.7200 area. Key support is at 1.6465, only break below this level could signal completion of the uptrend.

gbpusd chart

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