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GBP/USD Technical Analysis: Support Near 1.54 Holds Up

GBP/USD Technical Analysis: Support Near 1.54 Holds Up

2013-06-26 03:38:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical Analysis – Prices pulled back as expected after putting in a Hanging Man candlestick below support-turned-resistance at the underside of a rising channel set from mid-March. The pair is now testing support at 1.5380, the 50% Fibonacci retracement, with a break below that exposing the 61.8% level at 1.5291. Near-term resistance is at 1.5467, the 38.2% Fib.

dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Support Near 1.54 Holds Up

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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