Forex: GBP/USD Technical Analysis – Sellers Breach 1.60 Figure

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Talking Points

  • Prices broke below 1.60 to test support in the 1.5918-37 area (23.6% Fib, trend line)
  • A close below support exposes 1.5707-20 region (former double top, 38.2% Fib)
  • Near-term resistance is at 1.6259 (Oct 1 high); we are holding short

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dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Sellers Breach 1.60 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

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

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