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GBPUSD: Looking for Short Entry Opportunities

GBPUSD: Looking for Short Entry Opportunities

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

GBPUSD put in a bearish Evening Star candlestick pattern after briefly piercing the 1.60 figure and reversed lower, taking out the lower boundary of a Rising Wedge chart formation to expose the 23.6% Fibonacci expansion at 1.5771. Prices are now too close to support to make an entry short attractive from a risk/reward perspective and we will stand aside for now looking for a more attractive setup to present itself.

GBPUSD_Looking_for_Short_Entry_Opportunities_body_Picture_5.png, GBPUSD: Looking for Short Entry Opportunities

--- 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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