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GBPUSD: Reversal Hinted Below 1.57 Figure

GBPUSD: Reversal Hinted Below 1.57 Figure

2011-12-05 09:36:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

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.

GBPUSD_Reversal_Hinted_Below_1.57_Figure_body_Picture_5.png, GBPUSD: Reversal Hinted Below 1.57 Figure

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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