GBP/USD Classical 02.08
GBP/USD:Bearish reversal formations don’t get much prettier than the one seen last Thursday with the market putting in a bearish outside day after stalling out just ahead of key psychological barriers and range resistance by 1.6300. The formation is almost too pretty, but a break and close below 1.6120 on Friday helps to confirm topping and open the door for a more significant pullback towards the 1.5800 area over the coming sessions. Look for any intraday rallies to be well capped ahead of 1.6200 with setbacks seen accelerating on a drop back under 1.6035.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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