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GBPUSD: Looking to Confirm Reversal

GBPUSD: Looking to Confirm Reversal

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

As we suspected, GBPUSD rallied after putting in a Bullish Engulfing candlestick pattern last week. Prices now appear to be carving a Head and Shoulders below the 1.60 figure, with confirmation on a daily close below neckline support set from January. A Spinning Top candle with bearish confirmation on the next day’s bar below resistance at 1.5891, the 38.2% Fibonacci expansion, hints a downswing from here that forms the right shoulder of the setup. Initial support lines up at 1.5780, the 23.6% expansion.

GBPUSD_Looking_to_Confirm_Reversal_body_Picture_5.png, GBPUSD: Looking to Confirm Reversal

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

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

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