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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 26953, member: 14722"] [IMG]http://i43.tinypic.com/25gcghe.png[/IMG] Attached is a 4 hourly chart for the GBPUSD. GBPUSD shows an uptrend channel in a 4hr chart creating higher lows but we can expect a breakout on either side. [I][U]Scenario 1:[/U][/I] If it not able to break the trend line a counter position can be taken. [I][U]Scenario 2:[/U][/I] If it is able to break the resistance of the uptrend channel then GBPUSD would indicate a further upside so it will trigger a buying opportunity. [I][U]Scenario 3:[/U][/I] If it is able to break the support of the uptrend channel then GBPUSD would indicate a downside so it will trigger a selling opportunity. [/QUOTE]
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