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GBP/USD: The Pound is consolidating in current levels |
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FXstreet.com (Barcelona) – The Pound is going through a consolidation period against the Dollar, holding in a tight range, according to the ActionForex Technical Team: “Some volatility is seen in cable today but after all it's still holding in tight range above 1.7634 minor support. Outlook is unchanged. A short term bottom is in place at 1.7445 after drawing support from long term fibonacci level of 50% retracement of 1.3680 to 2.1161 at 1.7421.”
The ActionForex team doers not discard a rally to test higher levels: “Further rally should still be seen to correct the fall from 2.0158. Above 1.8042 will indicate such rebound has possibly resumed, targeting 1.8512/8794 resistance zone. Nevertheless, upside is expected to be limited by key near term cluster resistance at 1.8794 (50% retracement of 2.0158 to 1.7445 at 1.8802) and bring down trend resumption.”
Posted originally: 9/17/2008 3:04:00 PM
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