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GBPUSD: Consolidation Continues Near 1.50 Figure

GBPUSD: Consolidation Continues Near 1.50 Figure

2010-03-12 09:47:00
Ilya Spivak, Sr. Currency Strategist
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GBP/USD

Strategy: Short at 1.5765, Targeting 1.4781
Weekly Profit / Loss: -20 pips
Total Profit / Loss:
+707 pips

We initially sold GBPUSD at 1.5765. Prices are little changed from last week, consolidating near the 1.50 level after breaking through the bottom of a falling channel established from the swing high in mid-November. An upswing from here is not out of the question, with initial resistance at the broken channel bottom (now at 1.5265). We see such an outcome as corrective however and 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.

031210 GBP


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