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GBPUSD Still a Top Reversal Candidate with Momentum Below 1.6150

GBPUSD Still a Top Reversal Candidate with Momentum Below 1.6150

2012-09-27 02:43:00
John Kicklighter, Chief Strategist
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This is where we see the value of using technicals and fundamentals together. My favorite trading setup in an overdue GBPUSD breakout and possible reversal nudged the 1.6150 short-term range floor that I was monitoring. However, tagging that line has yet to translate into a revived bear trend. Ultimately, a technical breach alone will not provide the level of conviction I need to take the trade. Momentum will come through a common belief that the pair must adjust due to a greater fundamental theme. That theme is risk trends; and the mixture of QE3 unwinding, Eurozone crisis fears and the end of the third quarter will keep volatility boiling.

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