Forex: GBP/USD Technical Analysis – Nudging Short Trade Target

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Talking Points

  • Prices turned lower as expected after showing Shooting Star candle, negative RSI divergence
  • We entered short at 1.6172, targeting 1.6063 (23.6% Fib) initially
  • Close below 1.6063 exposes 1.5941 (38.2% Fib); initial resistance now at 1.62 (trend line)

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dailyclassics_gbp-usd_body_Picture_9.png, Forex: GBP/USD Technical Analysis – Nudging Short Trade Target

Daily Chart - Created Using FXCM Marketscope 2.0

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

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