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GBPUSD Weekly Analysis - April 24, 2016

Long Term Forex Analysis | by ForexCycle.com | Sunday, 24 April 2016 07:37 UTC
GBPUSD moved sideways without trend in a trading range between 1.3835 and 1.4668 for several weeks. Key resistance is at 1.4668, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.5929 (Jun 18, 2015 high), another fall to 1.3000 area is still possible after consolidation. On the other side, a break of 1.4668 resistance will indicate that the downtrend had completed at 1.3835 already, then the following upward movement could bring price to 1.5300 area.

gbpusd chart

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