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GBP/JPY Classical 02.26

GBP/JPY Classical 02.26

2010-02-26 07:11:00
Joel Kruger, Technical Strategist
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GBP/JPY: Prospects for a recovery have been negated, with the latest sharp reversal extending to fresh 2010 lows by 135.00 thus far. This suggests that a lower top is now in place by 143.55 ahead of the next major downside extension towards psychological support at 130.00 over the coming days. Daily studies are however oversold and we would not recommend looking to sell at current levels. Ultimately, a break back above 143.55 is now required to take the pressure off of the downside, and any failures ahead of this level should be used as an opportunity to establish short positions.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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