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GBP/USD Classical Technical Report 08.16

GBP/USD Classical Technical Report 08.16

2011-08-16 04:04:00
Joel Krguer,
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gbp_techs_body_gbp.png, GBP/USD Classical Technical Report 08.16

GBP/USD: The market 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, while back under the 200-Day SMA at 1.6085 should accelerate declines.

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

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