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GBPUSD: Channel Top Break Exposes 1.5769

GBPUSD: Channel Top Break Exposes 1.5769

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

GBPUSD broke above the top of a falling channel set from the late June swing top to expose the next upside barrier at 1.5769. The channel top – now at 1.5637 – has been recast as near-term support. Positioning doesn’t offer an attractive entry point here from a risk/reward perspective and we will remain on the sidelines for now.

GBPUSD_Channel_Top_Break_Exposes_1.5769_body_Picture_5.png, GBPUSD: Channel Top Break Exposes 1.5769

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

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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