Jamie's Pick: 08/17/11
“The GBPUSD has held its low above 16100 and there is potential for a strong breakout in the coming days and weeks above 16745. Ultimate objectives are channel resistance and several Fibonacci extensions at 17183 and 17409.” The break through 16480 increases confidence in the bullish bias. That level becomes support along with 16410. A near term setback seems likely given that most USD crosses are testing USD support. As such, I want to exit on this break higher and look to re-establish longs on dips below 16400.
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