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GBPUSD: Pullback Hinted Below 1.57 Mark

By , Currency Strategist
27 January 2012 03:14 GMT

Strategy: Flat

GBPUSD put in a Shooting Star candlestick below resistance at 1.5709, hinting a pullback is ahead. We are wary of entering short here without confirmation however, particularly after the pair took out falling trend line resistance that capped the upside from late November, and will remain on the sidelines for now. Initial trend line support is now at 1.5582.

GBPUSD_Pullback_Hinted_Below_1.57_Mark_body_Picture_5.png, GBPUSD: Pullback Hinted Below 1.57 Mark

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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27 January 2012 03:14 GMT