GBP/USD Classical Technical Report 09.28
GBP/USD: The market has now extended declines to our objective by 1.5350, with the setbacks matching the December 2010 lows. While we continue to project additional weakness over the medium-term, short-term technical studies are in the process of unwinding from oversold and we see risks for additional corrective activity towards previous support now turned resistance by 1.5780, before the market carves out a fresh lower top and resumes declines below the recent lows at 1.5325 and towards 1.5000 further down.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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