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Friday, October 16, 2009

Elliot Waves

Posted by Harmain at 6:16 PM

The GBPUSD has returned to and exceeded the head and shoulders neckline that was broken in September. Resistance extends to a line extended from the August and September highs, which is at 1.6467 today and 1.6456 Monday. I wrote yesterday that “longer term traders should look to position short against 1.6746 in the coming days.” This remains the strategy so be sure to follow DailyFX Forex Stream for position updates.

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