GBPUSD Classic Technical Report 08.01.2012
Prices put in a bearish Three Inside Down candlestick pattern below range resistance at 1.5736, hinting a move lower is ahead. Near-term support is at 1.5484 and is reinforced by a rising trend line set from the June 1 swing low. A break below that opens the door for a challenge of downside targets at 1.5392 and 1.5270. Alternatively, a push higher through resistance exposes the 1.5817-47 area.
Daily Chart - Created Using FXCM Marketscope 2.0
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