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GBPUSD: Sell Entry Sought Amid Recovery

GBPUSD: Sell Entry Sought Amid Recovery

2011-09-16 06:22:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

GBPUSD put in a Spinning Top candlestick at support marked by the confluence of a falling trend line connecting major lows since mid-April and the bottom of a downward-sloping channel taking shape since February. The setup hints a bounce is ahead, with initial resistance at the 23.6% Fibonacci retracement level (1.5920). We maintain broadly bearish, and will look at any upswing as a selling opportunity.

GBPUSD_Sell_Entry_Sought_Amid_Recovery_body_Picture_5.png, GBPUSD: Sell Entry Sought Amid Recovery

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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