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GBPUSD: Remain Short As Prices Re-Test Channel Bottom

GBPUSD: Remain Short As Prices Re-Test Channel Bottom

2010-03-18 11:12:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold GBPUSD at 1.5765. Prices recovered this week and are now testing support-turned-resistance at the bottom of a previously broken falling channel established from the swing high in November 2009. Absent a break above this boundary, recent gains look corrective and I will remain short, targeting the 03/01 wick low at 1.4781. A stop-loss will be activated on a daily close above 1.5533.

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