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GBP/USD Classical Technical Report 08.01

GBP/USD Classical Technical Report 08.01

2011-08-01 05:03:00
Joel Kruger, Technical Strategist
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dailyclassics_gbp-usd_body_gbp2.png, GBP/USD Classical Technical Report 08.01

GBP/USD: Despite the latest rally back above 1.6400, the market still remains locked in a broader downtrend off of the April highs, and a fresh lower top is now sought out somewhere ahead of 1.6550 in favor of the next downside extension back towards the recent range lows at 1.5780. Ultimately, only a break back above 1.6550 would delay bearish outlook and give reason for pause.

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