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GBP/USD Classical Technical Report 10.17

GBP/USD Classical Technical Report 10.17

2011-10-17 08:20:00
Joel Kruger, Technical Strategist
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Daily_Classical_GBPUSD_body_gbp2.png, GBP/USD Classical Technical Report 10.17

GBP/USD: The market has been well bid since breaking the neckline of a double bottom at 1.5715, with rallies extending into the 1.5800’s thus far ahead of the latest minor consolidation. However, with the underlying trend still tilted to the downside, we see the risks for the formation of a lower top somewhere around current levels ahead of the next major downside extension below 1.5270. Look for a break and daily close back below 1.5720 to confirm bias and accelerate declines. A daily close back above 1.5900 delays.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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