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GBP/USD Technical Analysis 06.06.2013

Ilya Spivak

GBP/USD Technical Analysis – Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5377, the 61.8% Fibonacci retracement, has exposed the 76.4% level at 1.5465. A further push above that aims for rising channel support-turned-resistance at 1.5569. The 1.5377 mark has been recast as near-term support, with a move beneath that eyeing the 50% retracement at 1.5307.

Forex_GBPUSD_Technical_Analysis_06.06.2013_body_Picture_5.png, GBP/USD Technical Analysis 06.06.2013

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

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