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Gbp/Usd close to key support level

Posted on February 27, 2009 at 10:51 in Short-Term Analysis by Valeria Bednarik

Take a look at this daily chart: the pair remains inside the descendant channel, and pushing down after breaking an ascendant trend line coming from the 1.3500 lows. Notice also the tough congestion zone the pair has between 1.4140/60, firs support for today. Moving under that zone, could send the pair to 1.4092, past week minimum.

Turning to 4 hours charts, we find next interesting support level between 1.4020 and 1.4040, that should hold the downside for today. Resistances in the short term are at 1.4210 zone, followed by 1.4285 and 1.4330 zone.

Tags: gbpusd

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