GBPUSD: Consolidation Continues Below 1.59
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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