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British Pound Cross Pick 07.08.10

British Pound Cross Pick 07.08.10

2010-07-08 15:57:00
David Song, Currency Strategist
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After holding the long GBP/USD entry at 1.4765 for over a week, the short-term retracement never materialized, but the rebound from the May lows appears to be tapering off as price action continues to hold below the 50.0% Fib from the 2009 low to high.  As a result, we may see a price action break to the downside as the exchange rate slips back below the 10-Day SMA at 1.5113, and will take of the entry to wait for a clear directional bias.

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