GBP/USD Technical Analysis 02.01.2013

DailyFX

GBP/USD Technical Analysis - Prices pushed higher as expected after putting in a Bullish Engulfing candlestick pattern, taking out initial resistance is in the 1.5822-31 area marked by the 23.6% Fibonacci retracement and the November 15 low. Buyers now target the 38.2% level at 1.5929, followed by the 1.60 figure. Alternatively, a reversal back blow 1.5822 eyes the January 28 low at 1.5674.

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Forex_GBPUSD_Technical_Analysis_02.01.2013_body_Picture_1.png, GBP/USD Technical Analysis 02.01.2013

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

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