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FOREX Technical Analysis: GBP/USD former Support Serves as Resistance

FOREX Technical Analysis: GBP/USD former Support Serves as Resistance

2012-11-20 01:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_GBPUSD_former_Support_Serves_as_Resistance_body_gbpusd.png, FOREX Technical Analysis: GBP/USD former Support Serves as Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The clearest pattern in recent history is the 3 wave advance from 15913 to 16174 (first day of the month high). 3 wave moves indicate countertrend moves and in this case suggest that the trend is down.” Now that 15913 has been broken (origin of the 3 wave advance), focus shifts to where the GBP/USD may find the next support. 15777 is a popular candidate. This level is former resistance, 50% retracement and 100% extension of decline from the top.

FOREX Trading Strategy: “I remain bearish. Risk is moved down to 15960. The objective is still 15780. Exceeding 15960 would create overlap with the decline from 16174 and suggest that the decline from that point is not impulsive.”

LEVELS: 15754 15780 15825 15923 15957 16019

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

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