Strategy: Flat
GBPUSD is testing support at 1.5383, the 38.2% Fibonacci retracement, a barrier reinforced by the lower boundary of a falling channel set from the late June swing top. Overall positioning suggests a bearish bias but risk/reward considerations argue against entering at current levels. We will stand aside for now until a more attractive setup presents itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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