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Forex Strategy: GBP/USD Trend Reversal Ahead?

February 18, 2014

David de Ferranti



Talking Points



  • GBP/USD Technical Strategy: Sidelines preferred until trend change confirmed
  • Former resistance-turned support helping to hold prices up at 1.6660



    The GBP/USD has erased some of its recent gains following a fading of upside momentum and a test of 1.6820. We have not seen the emergence of a specific bearish reversal candlestick pattern on the daily which obfuscates a bearish bias for the pair. Further price action is needed to help confirm whether a more meaningful change in the trend is afoot.



    Resistance-turned-support at 1.6660 is helping to hold prices up at this stage. A move below support would likely see buyers emerge at the psychologically significant 1.6600 level.





    Forex_Strategy_GBPUSD_Advances_Further_Post_Hammer_Candle_body_Picture_1.png, Forex Strategy: GBP/USD Trend Reversal Ahead?






















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    Source: DailyFx


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