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GBP/USD Consolidates Near Bottom of Uptrend Channel

posted by Avatar jameschen 649 days ago in USD, GBP, Technical made popular 649 days ago

GBP/USD (a 4-hour chart of which is shown) as of Monday (8/16/2010) has bounced up off key 1.5550 support, also the bottom of an important uptrend channel extending back to the May lows, and then rose to hit key resistance at 1.5700 today before retreating. Still within the context of the strong uptrend channel, price has been consolidating
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