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GBP/USD Technical Analysis: Losses Extended for Sixth Day

GBP/USD Technical Analysis: Losses Extended for Sixth Day

2014-10-02 02:34:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Short at 1.6233
  • Support: 1.6088, 1.5954, 1.5819
  • Resistance: 1.6255, 1.6292, 1.6486

The British Pound is cautiously drifting downward against the US Dollar, with sellers claiming a foothold below the 1.62 figure. A daily close below the 38.2% Fibonacci expansionat 1.6088 exposes the 50% level at 1.5954. Alternatively, a turn back above the 23.6% Fib at 1.6255 opens the door for a test of falling trend line resistance at 1.6292.

We entered short GBPUSD at 1.6233, initially targeting 1.6088. A stop-loss is set to trigger on a daily close above 1.6388. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is met.

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GBP/USD Technical Analysis: Losses Extended for Sixth Day

Daily Chart - Created Using FXCM Marketscope 2.0

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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