October 29, 2009 4:07 AM
GBP/USD Outlook
By yamashita
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0Hello.
Just a quick update as we are still in the early phases of the European session.
Pulling up the GBP/USD hourly chart, we see we had a nice drop down, followed by a slow channel retracement upwards.
Look for the currency pair to move up in the short term to potentially test the upper trend line (may wick above) and then start heading down again.
You can also run some Fibonacci numbers to see potential retracement levels.
Good luck and happy trading.
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