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GBPUSD: Rally Meets Resistance at 1.59 Figure

GBPUSD: Rally Meets Resistance at 1.59 Figure

2012-08-24 12:16:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

Prices put in a Shooting Star candlestick below resistance at 1.5906, the 61.8%Fibonacci retracement, hinting a pullback may be ahead. Near-term support lines up in the 1.5769-84 area, marked by the March 22 low and the 50% Fib. A push back below that aims for the 1.5638-62 region, defined by a horizontal pivot set from mid-February and the 38.2% retracement. Alternatively, a reversal above resistance exposes the 1.60 figure and the 76.4% level at 1.6057. Current positioning doesn’t offer an attractive entry setup and we will stand side for now.

GBPUSD_Rally_Meets_Resitance_at_1.59_FIgure_body_Picture_5.png, GBPUSD: Rally Meets Resistance at 1.59 Figure

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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