On the other side, the green uptrend line would become the major resistant for GBP to surge.
Good luck everyone.
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Tuesday, May 4, 2010
Sterling Support Tested (2010-05-04 GBP analysis)
After GBP broke the uptrend line (in green) in 4 hour chart, it went downwards to test the support given by the fibonacci and the red longer uptrend line. Until now, Sterling is well supported by these two lines, and no further breakthrough was observed. However, we should keep track of it. Once such strong support is penetrated, the next support would be at 1.5116 (in orange).
On the other side, the green uptrend line would become the major resistant for GBP to surge.
Good luck everyone.
On the other side, the green uptrend line would become the major resistant for GBP to surge.
Good luck everyone.
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