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GBP/USD Technical Analysis 05.03.2013

By , Currency Strategist
03 May 2013 11:48 GMT

GBP/USD Technical AnalysisPrices confirmed a Shooting Star candlestick below resistance at the top of a rising channel with a bearish close on the following day’s bar, hinting a reversal may be underway. Near-term support is at 1.5385, the 14.6% Fibonacci retracement. Channel resistance is now at 1.5590. We have entered short.

Forex_GBPUSD_Technical_Analysis_05.03.2013_body_Picture_5.png, GBP/USD Technical Analysis 05.03.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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03 May 2013 11:48 GMT