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GBPUSD: Rally Threatens Key 1.64 Level

GBPUSD: Rally Threatens Key 1.64 Level

2011-05-27 06:58:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

GBPUSD completed a bullish Three Inside Up candlestick pattern at rising trend line support connecting major lows since late January, taking out the top of a falling channel established from this month’s swing high as well as the 38.2% Fibonacci retracement of the 4/28-5/24 decline (1.6320). Current positioning doesn’t offer an actionable trading opportunity and we will remain on the sidelines for now. Near-term resistance lines up at 1.6401, the 50% retracement level, with a break higher exposing the 61.8% Fib at 1.6482.

GBPUSD_Rally_Threatens_Key_1.64_Level_body_Picture_3.png, GBPUSD: Rally Threatens Key 1.64 Level

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