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Forex pairs in this Article » GBP/USD (Athens)- According to Karen Jones, Head Technical Analyst of Commerzbank, GBP/USD has rallied to the November 2012 low at 1.5830and halted here. The 13 count on the TD combo suggests a warning for further moves higher at present and if holding longs we would raise stops.


“While above the 1.5573 2 month up channel, we remain unable to rule out further upside probes and only a close below here will negate current upside pressure and allow for a slide back to the 1.5430/24 recent lows and then 1.5104 the August low.”

“Above 1.5830 would introduce scope to 1.6036, the 78.6% retracement of the move down from December 2012, which is expected to hold and provoke failure.”
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