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07.11.2012 06:32 PM
GBP/USD Technical Pattern. For November 07, 2012 (Daily Strategy)

The British pound like other currencies falls against the dollar. The weekly support 1.5961 and 1.5960 fractal are key levels. We have to take it into account; below this level the sequence would be totally bearish for the pair. Therefore, we do not recommend entering any order below these levels. If it closes above 1.5961 on a 4 hour chart you can buy a pair. Do not forget the stop loss.

We noticed that a known pattern is forming, as you can see on the graph. Therefore, if the pair manages to break below the 1.59 level, it completely invalidates it and would enter a very bearish sequence.

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