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GBP/USD Classical Technical Report 11.11
Written by article default Friday, 11 November 2011 07:57
GBP/USD: After stalling by the 200-Day SMA and a major double bottom objective over 1.6100, scope exists for a resumption of what we believe to be a broader downtrend. Look for a break and daily close back under 1.5875 to confirm and accelerate towards next key support at 1.5650, while ultimately, only a close back above the 200-Day SMA negates. Intraday rallies should be well capped below 1.6000 on a daily close basis.
--- Written by Joel Kruger, Technical Currency Strategist
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