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Trading Update By ForexCycle

Forex Market Movement

Thursday, May 12, 2011

GBP/USD intraday: key ST resistance at 1.633. (Pre US Session)

Pivot: 1.633
Our preference: Short positions below 1.633 with targets @ 1.623 & 1.617 in extension.
Alternative scenario: Above 1.633 look for further upside with 1.638 & 1.644 as targets.
Comment: the break below 1.633 is a negative signal that has opened a path to 1.623.

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