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Forex: GBP/USD Technical Analysis – Aiming Below 1.60 Figure

Forex: GBP/USD Technical Analysis – Aiming Below 1.60 Figure

2013-10-31 06:00:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Breaking trend line support seems to confirm a double top, exposing 1.5918 (23.6% Fib ret.)
  • Reversing back above the trend line (1.6084) targets 1.6235 (23.6% Fib expansion)

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

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Aiming Below 1.60 Figure

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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