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Friday’s GBP/USD Outlook

Friday’s GBP/USD Outlook

The

GBP/USD Outlook” width=”1165″ height=”395″ /> Daily Forecast – 04 October 2013GBP/USD hit 1.6220/50 for a selling opportunity & topped exactly here. We entered shorts & this trade worked perfectly as we fell to good intraday support at 1.6155/6145. A low for the day was predicted & we bottomed exactly here. The rebound should take us to 1.6185/90 which has been working well as support & then resistance but a break higher looks possible & should target 1.6235/60 for another selling opportunity. Exit longs & try shorts with stops above 1.6280. Be ready however to go with a break above 1.6280 & look for the next target of 1.6330/6335. Above here we hit resistance at 2012 highs of 1.6382.Failure to beat 1.6185 retests support at 1.6155/6145. A low for the day is likely again but longs need stops below 1.6120 for a test of support at 1.6080/70 & a buying opportunity.

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