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Forex: GBP/USD Technical Analysis – Trend Line Caps Rebound

Forex: GBP/USD Technical Analysis – Trend Line Caps Rebound

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Support is at 1.5918 (23.6% Fib ret.); resistance is at 1.6169 (trend line from Jul’13)
  • Break higher targets 1.6235 (23.6% Fib exp.), below support eyes 1.5707 (38.2% Fib ret.)

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

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Trend Line Caps Rebound

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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