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GBP/USD: Sellers Set to Test Key Channel Support

GBP/USD: Sellers Set to Test Key Channel Support

2010-05-07 12:17:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

Prices are testing below horizontal support at 1.4781, with a break lower exposing the lower boundary of a falling channel developed over much of the last twelve months (now at 1.4274). A push below this boundary will expose the 1.40 figure and a major double bottom at 1.3731. While the bias seems to favor the bears, we do not see an attractive setup to enter short at present and will remain on the sidelines for now.

05072010 GBP


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