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GBP/USD Attempts to Reverse Higher

Ilya Spivak

GBP/USD Technical Strategy: Flat

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. Current positioning does not offer an attractive entry point and we will remain on the sidelines for now.

Forex_Analysis_GBPUSD_Attempts_to_Reverse_Higher_body_Picture_1.png, GBP/USD Attempts to Reverse Higher

Daily Chart - Created Using FXCM Marketscope 2.0

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

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