Forex: GBP/USD Technical Analysis – Familiar Support Back in Play

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Talking Points

  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected
  • Breaking trend line support seems to confirm a double top, exposing 1.5918 (23.6% Fib ret.)
  • Reversing back above the trend line (1.6115) targets 1.6235 (23.6% Fib expansion)

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dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Familiar Support Back in Play

Daily Chart - Created Using FXCM Marketscope 2.0

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

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