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GBP/USD Classic Technical Report 07.03.2012

GBP/USD Classic Technical Report 07.03.2012

Ilya Spivak, Head Strategist, APAC

Prices put in a Dark Cloud Cover bearish candlestick pattern on a retest of rising trend line support-turned-resistance set from the June 1 low, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support lines up at 1.5651, the 23.6% Fibonacci expansion, with a break below that exposing the 38.2% level at 1.5609. Trend line resistance is now at 1.5735.

GBPUSD_Classic_Technical_Report_07.03.2012_body_Picture_5.png, GBP/USD Classic Technical Report 07.03.2012

4hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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