FX Strategy 25 July 2013

Looking for GBP/USD to fail at its 61.8% retracement

Close below its trendline at 1.5315 required

GBP/USD as we highlighted yesterday, we considered that the market was likely to fail at the 1.5393 61.8% retracement and this is now being seen. We have a TD perfected set up on the daily chart and a 13 count on the 240 minute chart. Attention reverts to the 1.5315 accelerated uptrend – a close below here is required to signal the resumption of downside pressure and re-target the 1.4854/32 support zone.
Above 1.5393 would signal further gains to 1.5551 the 78.6% retracement.
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