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 GBP/USD candlestick analysis for June 24, 2011

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PostSubject: GBP/USD candlestick analysis for June 24, 2011    Fri Jun 24, 2011 12:45 pm

GBP/USD candlestick analysis for June 24, 2011

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Earlier in a 4-hour graph the GBP/USD has formed Morning Doji Star candlestick combination indicating bullish signal.
This candlestick
combination was formed after the pair failed to break the support level
1.5932 which means that the bears could not solidify here. Further the
bulls started to increase their influence and a rebound to the upside
took place.
Break of the Fibonacci correction level 23.6 will denote that this point
of view is correct. In this case we should expect growth to the
resistance level 1.6262 where the Fibonacci correction level 50.0 is
also located. If the pair fixates above 1.6262, this will target it to
1.6472.
It is worth mentioning that stop loss should be placed slightly below
1.5932 as a break of this support level will allow the pair to reach
1.5750.


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GBP/USD candlestick analysis for June 24, 2011

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