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GBP/USD Technical Analysis 03.08.2013

GBP/USD Technical Analysis 03.08.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices are testing support at 1.4965, the 123.6% Fibonacci expansion. Positive RSI divergence hints a correction higher may be ahead. Initial resistance is at 1.5182, the 14.6% Fib retracement, with a break above that targeting the 1.5296-1.5305 area marked by the 23.6% retracement and a recently broken multi-year range bottom. Alternatively, a move through support exposes the 138.2% expansion at 1.4861. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_03.08.2013_body_Picture_5.png, GBP/USD Technical Analysis 03.08.2013

Daily 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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