GBPUSD: Break Above 1.59 a Head-Fake?
Strategy: Pending Short
GBPUSD rose after putting in a bullish Piercing Line candlestick as we suspected last week, taking out the 1.59 figure to challenge the 50% Fibonacci expansion at 1.5992. The pair is now reversing downward through support anew but confirmation is needed on a close back below 1.59 to rekindle bearish momentum. As such, we will remain on the sidelines for now.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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