GBPUSD Analysis, Daily Forex Analysis, August 23rd 2010

23 August 2010 @ 05:25 am EDT

GBPUSD’s downward move extended to as low as 1.5464. As long as 1.5712 key resistance holds, downtrend from 1.5997 is expected to continue and next target would be at 1.5300-1.5400 area. On the upside, a break above 1.5712 could indicate that the fall from 1.5997 has completed at 1.5464 already, then the following upward move could bring price back towards 1.5997 previous high.

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