Strategy: Pending Short
GBPUSD put in a bullish Piercing Line candlestick pattern above support at 1.5662, the 38.2% Fibonacci retracement level, hinting another upswing to challenge the recent range top at the 1.59 figure is ahead. As with the Euro, we maintain a broadly bearish bias but will remain on the sidelines for the time being absent an actionable short entry signal.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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