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Technical Analysis for GBP

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Re: Technical Analysis for GBP

Post by olixlite on Tue Jul 29, 2014 12:04 am

Here is what's trending on this pair: The British Pound is digesting last week’s losses having turned lower as expected against the US Dollar after showing a Hanging Man candle with negative RSI divergence. Near-term support is at 1.6969, the 23.6% Fibonacci retracement. A break below that on a daily closing basis exposes a rising trend line set from early February, now at 1.6905. Alternatively, a reversal above the 14.6% Fibat 1.7053 opens the door for a test of 1.7176, the July 2 top.

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