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GBP/USD Classical Technical Report 04.18

By Joel Kruger, Technical Strategist
18 April 2012 06:20 GMT

daily_classical_cable_body_gbpusd.jpg, GBP/USD Classical Technical Report 04.18

GBP/USD: Failure to establish any fresh momentum on the recent break above 1.6000, followed by an aggressive bearish reversal now suggests that the market could finally be looking to carve a top in favor of a more significant decline over the coming sessions. Look for a break and close below next support at 1.5800 to reaffirm outlook, while back above 1.6065 would be required to negate.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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18 April 2012 06:20 GMT