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GBP/USD Classical 07.14

GBP/USD Classical 07.14

2010-07-14 05:10:00
Joel Kruger, Technical Strategist
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GBP/USD: Any attempts for a bearish resumption have been put on hold with the market being well supported on dips into the 1.5000 area which coincides with both the 20/100-Day SMAs. Nevertheless, we retain a bearish outlook and look for any additional rallies to be well capped ahead of 1.5500, ideally bellow 1.5400, where a fresh medium-term lower top is sought out ahead of the next major downside extension. Key support comes in by 1.4945, and a break back below this level will be required to take the pressure off of the topside.

 

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