Wednesday, October 30, 2013

Forex: GBP/USD Technical Analysis ? Double Top Looks Set




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Talking Points



  • A bearish Dark Cloud Cover candle pattern marked a turn lower, as expected


  • Breaking trend line support seems to confirm a double top, exposing 1.5918 (23.6% Fib ret.)


  • Reversing back above the trend line (1.6084) targets 1.6235 (23.6% Fib expansion)


Confirm your chart-based trade setups with the Technical Analyzer.


dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Double Top Looks Set


Daily Chart – Created Using FXCM Marketscope 2.0



— Written by Ilya Spivak, Currency Strategist for DailyFX.com



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Forex: GBP/USD Technical Analysis ? Double Top Looks Set

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