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GBPUSD Forex Technical Report

Thu, Oct 30 2008, 09:57 GMT
by Forex Hound Analysis Team

ForexHound.com


GBP USD moved towards the 1.6700 resistance zone forming higher lows and higher highs clearly marking the trend, now the pair has reached the 61.8 Fibonacci Retracement of the 1.7520-1.5260 down move; at current levels we expect to see some resistance and perhaps if developing price action on the smaller time frames helps we'll see some bearish positions starting to form. Although the bullish bias is still intact a small retracement to test the support trend line is not out of the question.

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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