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Talking Points

  • A Bearish Engulfing candlestick pattern hints a move lower is ahead
  • Breaking below 1.6426 (23.6% Fib ret., trend line) exposes 1.6316 (38.2% Fib ret.)
  • Near-term resistance is at 1.6603 (January 2 swing high)

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

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Support Below 1.65 in Focus

Daily Chart - Created Using FXCM Marketscope 2.0

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

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