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GBP/JPY Technical Analysis: Prices Revisit July Swing Low

GBP/JPY Technical Analysis: Prices Revisit July Swing Low

2013-08-07 10:08:00
Ilya Spivak, Head Strategist, APAC
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GBP/JPY Technical Analysis – Prices pulled back after retesting support-turned-resistance at a rising trend line set from mid-June. Sellers are now testing below the 50% Fibonacci expansion at 148.66, with a break below that targeting the 61.8% level at 147.97.Alternatively, a move back above 148.66 eyes the 38.2% and 23.6% expansions at 149.34 and 150.19 respectively.

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dailyclassics_gbp-jpy_body_Picture_11.png, GBP/JPY Technical Analysis: Prices Revisit July Swing Low

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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