GBPUSD: Upswing to Yield Sell Entry
STRATEGY: Pending Short
GBPUSD shot aggressively lower after retesting support-turned-resistance at a rising trend line set from May 2010, with the bears now challenging critical horizontal support at 1.5962 that has held up prices since February. The speed of the selloff so far suggests that a corrective bounce is due and we will look for that to offer a selling opportunity in the days ahead. Initial resistance lines up at 1.6081, the 23.6% Fibonacci retracement level.
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