Daily Forex Analysis ? May 5, 2011

GBPUSD Analysis. Being support by 1.6431, GBPUSD rebounded from 1.6451, suggesting that a cycle bottom is being formed on 4-hour. Further rise would likely be seen in a couple of days, and target is at 1.6745 previous high. However, a breakdown below 1.6431 support will indicate that the uptrend from 1.5936 (Mar 28 low) has [...]

Source: http://blog.forexcycle.com/6313/daily-forex-analysis-may-5-2011/

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