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Forex technical analysis: GBPUSD consolidates above and below 50% level

Discussion in 'Technical Analysis' started by ForexLive, Oct 12, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Recovers the large losses from yesterday, but heading back lower after stalling at resistance. The GBPUSD rallied sharply in the Asian Pacific session, taking out upside resistance trend lines broken yesterday (see chart below). The overall move back higher retraced 61.8% of the move down from the post-crash high, to the post crash low (reached yesterday). That level comes in at 1.2323. The high reached 1.2324. The 200 bar MA on the 15-minute chart below was also in the area (green line in the chart below). Traders probed and then leaned against that area.

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