GBPUSD: Reversal Hinted Below 1.57 Figure
GBPUSD put in a bearish Evening Star candlestick below resistance at 1.5706, the 38.2% Fibonacci retracement level, stopping just shy of breaking support at the 23.6% boundary (1.5597). Risk/reward parameters argue against entering short here and we will stand aside for now. A breakout to the downside initially exposes 1.5422.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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