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GBP/USD Technical Analysis 04.03.2013

GBP/USD Technical Analysis 04.03.2013

Ilya Spivak, Head Strategist, APAC

GBP/USD Technical Analysis - Prices recoiled from resistance at 1.5260, marked by the March 25 high and a falling trend line cluster set from early January, to take out the 14.6% Fibonacci expansion at 1.5112. Sellers now aim to challenge the 23.6% level at 1.5021, with a further break below aiming for the 38.2% Fib at 1.4873. The 1.5112 level has been recast as near-term resistance. We continue to hold short.

Forex_GBPUSD_Technical_Analysis_04.03.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.03.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- 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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