Daily Forex Analysis ? February 22, 2011

GBPUSD Analysis. Being contained by 1.6277 resistance, GBPUSD pulled back from 1.6261, suggesting that a cycle top had been formed on 4-hour chart. Deeper decline could be expected in a couple of days and target would be at 1.5900 area. Initial resistance is now at 1.6261, only break above this level could trigger another rise [...]

Source: http://blog.forexcycle.com/5941/daily-forex-analysis-february-22-2011/

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