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Tuesday, October 6, 2009
GBPUSD Analysis – Oct 7, 2009
GBPUSD stays in a trading range between 1.5770 and 1.6125. As long as 1.6125 resistance holds, the price action from 1.5770 is treated as consolidation of downtrend from 1.6741. Moving sideways without trend in the range is still possible in a couple of days. Another fall below 1.5770 would more likely be seen after consolidation, a break below 1.5770 will indicate that the downtrend has resume and deeper decline could be seen to 1.5600 zone.
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Trading in the spot foreign exchange market involves a significant risk of loss and is not suitable for everyone. Clients should evaluate their financial condition in light of the potential risk of loss before deciding to trade. Only discretionary risk capital should be used for trading. Discretionary risk capital is capital that if lost will not cause a change in your lifestyle.
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