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GBPUSD: Consolidation Continues Below 1.59

GBPUSD: Consolidation Continues Below 1.59

2012-08-31 11:12:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices are testing support in the 1.5769-84 area, marked by the March 22 low and the 50% Fibonacci retracement. A rebound sees initial resistance at 1.5906, the 61.8%Fib. Alternatively, a break lower exposes the 1.5638-62 region, defined by a horizontal pivot set from mid-February and the 38.2% retracement. Current positioning doesn’t offer an attractive entry setup and we will stand side for now.

GBPUSD_Consolidation_Continues_Below_1.59_body_Picture_5.png, GBPUSD: Consolidation Continues Below 1.59

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

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