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GBPUSD: Break of 1.55 Hints at Deeper Pull-Up

GBPUSD: Break of 1.55 Hints at Deeper Pull-Up

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

GBPUSD recovered after putting in a Harami candlestick pattern above support in the 1.5232-1.5342 area, with prices narrowly taking out resistance at 1.5511 marked by the 23.6% Fibonacci retracement. The breakout hints a move to challenge the 1.5638-62 region is ahead. We will monitor how the pair behaves at this barrier, looking for selling opportunities.

GBPUSD_Break_of_1.55_Hints_at_Deeper_Pull-Up_body_Picture_5.png, GBPUSD: Break of 1.55 Hints at Deeper Pull-Up

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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