Continuing analysis further after Daily Analysis : GBP/USD - 5 Jan 2012, the price has touched strong support line and has bounced to an extent as you can see in following 2 charts
We look to take long position based on shorter time frame. Explanation is on 1 hour chart below.
There is an alternate scenario possible as per daily chart. Explanation is on daily chart below
8 hour chart
Closer look at 8 hour chart.
We look to take long position based on shorter time frame. Explanation is on 1 hour chart below.
There is an alternate scenario possible as per daily chart. Explanation is on daily chart below
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