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GBP/USD Technical Analysis 03.15.2013

GBP/USD Technical Analysis 03.15.2013

2013-03-15 11:56:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical Analysis - Prices recovered as expected after putting a Hammer candlestick. Initial resistance lines up at 1.5187, the 23.6% Fibonacci retracement, with a break above that clearing the way for a retest of a broken multi-year range bottom at 1.5296. Near-term support is at 1.4830, the March 12 low. We continue to hold short for now.

Forex_GBPUSD_Technical_Analysis_03.15.2013_body_Picture_5.png, GBP/USD Technical Analysis 03.15.2013

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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