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Forex: GBP/USD Technical Analysis – Next Resistance Sub-1.59

Forex: GBP/USD Technical Analysis – Next Resistance Sub-1.59

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Resistance in the 1.5750-71 area (June 17 high, 38.2% Fib expansion) broken
  • Buyers now targeting 1.5878 (50% Fib), with a push higher eyeing 1.5985 (61.8% Fib)
  • Reversal back below 1.5750 targets a rising channel bottom set now at 1.5617

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Next Resistance Sub-1.59

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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