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Forex4you Technical Analysis 28 August 2012

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Forex4you Technical Analysis 28 August 2012

Postby albie » Tue Aug 28, 2012 10:36 am

GBP/USD: Technical Analysis

Cable has reached a critical support level. It has fallen back down to the upper boundary of the triangle out of which it broke several days ago. The 100-day MA is at the same level also offering support. There is strong chance it could bounce and a break above 1.5828 could rally higher to the monthly pivot at 1.5985. On the other hand a decisive break below 1.5740, perhaps, could give bears heart and see the pair fall back into the triangle to 1.5650 in time.


Analysis by: Joaquin Monfort
Forex4you analyst

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