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Forex Strategy: GBP/USD Short Position Triggered

By , Currency Strategist
04 October 2013 04:28 GMT

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Talking Points

  • Prices turned lower as expected after showing Shooting Star candle, negative RSI divergence
  • A break of trend line support has triggered a short trade from here (1.6172)
  • Initial target at 1.6063 (23.6% Fib); stop-loss activated on a daily close above 1.6259

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Forex_Strategy_GBPUSD_Short_Position_Triggered_body_Picture_5.png, Forex Strategy: GBP/USD Short Position Triggered

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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04 October 2013 04:28 GMT