Forex: GBP/USD Technical Analysis – A Top in Place Below 1.64?

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Talking Points

  • Prices are testing the 1.6406-38 area (trend line from Jul’13, 38.2% Fib exp.)
  • A Shooting Star candle hints at weakness; initial channel top support is at 1.6214
  • Breaking above 1.6438 initially targets 1.6577 (50% Fib expansion)

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dailyclassics_gbp-usd_body_Picture_11.png, Forex: GBP/USD Technical Analysis – A Top in Place Below 1.64?

Daily Chart - Created Using FXCM Marketscope 2.0

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

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