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The best pair to trade now

GBP/USD: Bearish momentum gains strength

Wed, Mar 10 2010, 11:37 GMT
by Valeria Bednarik

FXstreet.com Independent Analyst Team  |  View company's profile

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Pound slump early Europe, after UK worse than expected Production data. Hourly charts show some upside corrective movement developing, yet 1.4940/60 area should limit rally and generate a downside rebound. Clearly above 1.4970, pair could attempt to regain 1.5020 area. On contrary, after corrective movement is complete and as long as mentioned resistance area holds, pair should resume downtrend: under 1.4910, pair likely test today’s low of 1.4870 and furthermore, the 1.4830 zone.

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Valeria Bednarik in her blog The advisor Blog.


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