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GBPUSD: Looking for Rebound for Sell Setup

GBPUSD: Looking for Rebound for Sell Setup

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

GBPUSD is testing the 61.8% Fibonacci retracement at 1.5640 after recoiling lower from a falling trend line that has capped the upside since April 2011 to take out upward-sloping support set from the mid-January. Deeply oversold RSI studies hint that a bounce may be ahead and we will wait for a corrective bounce to look for selling opportunities. Initial resistance lines up at 1.5766, the 50% retracement level.

GBPUSD_Looking_for_Rebound_for_Sell_Setup_body_Picture_5.png, GBPUSD: Looking for Rebound for Sell Setup

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

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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