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GBP/USD Classical Technical Report 09.29

GBP/USD Classical Technical Report 09.29

2011-09-29 12:19:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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GBPUSD_Classical_Technical_Report_09.29_body_Picture_19.png, GBP/USD Classical Technical Report 09.29

GBP/USD: The Sterling was amongst the worst hit late last week by the major sell-off following the Federal Reserve rate decision on Wednesday. The GBP/USD staged a strong corrective pullback, as anticipated, with short-term technical studies suggesting that the pair was significantly oversold. The recent correction fits in well with our expectations, and we now look lower once more. It is possible that the pair tests levels above 1.5700, though declines below the recent lows at 1.5325 and towards 1.5000 further down are eyed in coming days and weeks.

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

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