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GBP/USD Rebound Meets First Hurdle

GBP/USD Rebound Meets First Hurdle

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Strategy: Pending Short

Prices are pulling back from resistance at 1.5171 marked the 38.2% Fibonacci retracement and reinforced by a formerly broken rising trend line. Near-term support is at 1.5034, the 23.6% level. Alternatively, a reversal above resistance targets the 50% Fib at 1.5281. We will look for confirmation of a top in place to position for a short entry.

Forex_Strategy_GBPUSD_Rebound_Meets_First_Hurdle_body_Picture_5.png, GBP/USD Rebound Meets First Hurdle

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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