GBPUSD broke below 1.6113 key support

Posted 09-25-2009 at 11:05 PM by ForexCycle.com

GBPUSD broke below 1.6113 key support, suggesting that the uptrend from 1.3503 has completed at 1.7042 already. Deeper decline is now in favor and next target would be at 1.5300 zone. Near term resistance is now at the falling trend line from 1.7042 to 1.6741, as long as the trend line resistance holds, we'd expect downtrend to continue.

For long term analysis, GBPUSD broke below 1.6113 key support, suggesting that a cycle top has been formed at 1.6042 level on weekly chart. Further fall to 1.5000 is expected in next several weeks.

Weekly Forex Analysis

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	good.but i have been bought three lots of GOLD. i should have sold that. ooooooopsss...but don't worry it is practice accout and believe me i am not gona close the trade.
	Posted 09-25-2009 at 11:54 PM by usman_603

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