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GBPUSD Daily View September 19th

Fri, Sep 19 2008, 09:33 GMT
by Forex Hound Analysis Team

ForexHound.com


GBPUSD has slowed down this month, compared to August, and traded top to bottom in a 600 point range; it retraced from the September 11th low at 1.7440 to the 61.8 Fibonacci Line of the 1.8800 -1.7440 push down. Forming a doji like candle on the daily charts on Thursday, shows signs of bearish sentiment and has a first target at the support offered by the trend line connecting Sept 11th and 16th lows, with tight stops placed above this weeks high we expect the pair to push lower, breaking the above mentioned support and aiming at the 1.7550/1.7600 area.

GBP USD


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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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