Forex: GBP/USD Technical Analysis – Prices Revisit Key Trend Line

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GBP/USD Technical AnalysisPrices are testing above falling trend line set from mid-December 2012, now at 1.5562, to challenge the 38.2% Fibonacci expansion at 1.5602. A break above that targets the 50% level at 1.5657. Near-term support is at 1.5433, the July 25 high, with a turn back beneath that eyeing the 23.6% level of an alternative Fib expansion at 1.5352. We continue hold short for now.

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dailyclassics_gbp-usd_body_Picture_5.png, Forex: GBP/USD Technical Analysis – Prices Revisit Key Trend Line

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

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